ESSEN (AFN / DPA) – Talks between the German industrial group Thyssenkrupp about the takeover of its steel division by the British Liberty Steel have ended. According to the Germans, there was no prospect of an agreement, after which the negotiations have ended.
Liberty Steel previously made an offer for the loss-making steel arm of the German industrial group. Rumors about a possible deal previously caused a price jump for the number of Thyssenkrupp on the stock exchanges. The Germans have always said that all options were on the table, including keeping the part.
Thyssenkrupp is suffering from the corona crisis and the difficult market conditions in the steel industry due to the virus outbreak. The group previously saw a merger of the European steel activities with those of Tata Steel fail due to objections from the European Commission. After that, the Germans continued to look for possibilities to part with the steel activities.
Thyssenkrupp says it now wants to invest in its own steel branch. The company announced that it will invest 700 million euros in its steel division, with specific plans to modernize the factories in Bochum and Duisburg to meet the needs of the automotive industry. Some divisions will be phased out.
For the time being, things are not going smoothly with the European steel deals. The Swedish SSAB previously decided not to take over the Dutch division of Tata Steel.
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