Thyssenkrupp and EPG dissolve steel agreement - Thyssenkrupp, EP Group End Steel Joint Venture Talks
Thyssenkrupp and EP Group have mutually agreed to end their planned steel joint venture. EP Group will return its 20% stake in Thyssenkrupp Steel Europe (TKSE) and discussions have ended amicably.
The agreement between EP Group and Thyssenkrupp was initially made in spring 2023. However, in late July 2024, Thyssenkrupp sold 20% of its struggling steel unit to EP Group. This sale was part of a plan for EP Group to increase its stake to 50%.
Talks for this joint venture have now concluded, with both parties respecting each other's decisions. EP Group will return its 20% stake and receive a refund of the purchase price. Meanwhile, talks about Daniel Kretinsky's purchase of the remaining 30% of Thyssenkrupp's steel unit have also ended, with no specific information about his current stance on selling his remaining 11% stake.
The end of the planned joint venture between Thyssenkrupp and EP Group allows both parties to explore other opportunities. EP Group will return its stake and Thyssenkrupp can focus on its talks with Indian Jindal Steel for TKSE. The future of Daniel Kretinsky's stake in TKSE remains uncertain.
Read also:
- Aquatech purchases Koch's Direct Lithium Extraction business, merging Li-ProTM DLE technology into the PEARLTM Technology Platform.
- Li Auto faces scrutiny after crash test involving i8 model and a truck manufacturer sparks controversy
- Emerging Investment Trends in China's Ethical Finance Sector for 2025
- Construction and renovation projects in Cham county granted €24.8 million focus on energy efficiency
