Thyssenkrupp's Steel Division to Change Hands: Jindal Steel International in Talks for Takeover
Thyssenkrupp's steel division is set for a change of ownership. Talks with Czech investor Daniel Kretinsky have concluded, and the German conglomerate has shifted focus to negotiations with Indian company Jindal Steel International.
Last month, Jindal Steel International made a takeover bid for Thyssenkrupp's steel division. The offer is currently under review by the German company. Meanwhile, talks between Thyssenkrupp and Czech investor Daniel Kretinsky have ended, with EP Group, Kretinsky's company, agreeing to return its 20% stake in Thyssenkrupp Steel Europe and receive a refund of the purchase price.
The future of Thyssenkrupp's steel division has been uncertain due to overcapacities. Potential job cuts or outsourcing have been discussed to address this issue. However, with the focus now on Jindal Steel International, a new direction for the division is expected.
Thyssenkrupp has decided to pursue a joint venture with Jindal Steel International for its steel division. The future of the division and its workforce is now likely to be influenced by this new partnership, as the company seeks to address overcapacities and ensure the division's long-term success.
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