Thursday, Thyssenkrupp AG (TKAMY.PK) and Daniel Kretinsky announced the billionaire's decision to sell his 20 percent stake in the engineering company, paving a way for potential joint venture discussions with India-based Jindal Steel.
The joint announcement comes as Kretinsky's EP Group bought a 20 percent stake in the German company's European steel plant last year, planning a potential 50-50 joint venture. However, union pressures and corporate clases put a stop to it.
Following the recent decision, EP Group will give back the stake and Thyssenkrupp will reimburse the purchase price, which is speculated to be around 140 million euros. Meanwhile, Kretinsky has already given up his seat on Thyssenkrupp Steel Europe's supervisory board, as per Reuters.
This decision also opens the door to reviving potential takeover talks with Jindal Steel, which had submitted a non-binding, indicative offer to Thyssenkrupp last month. If the deal goes through, it would bring a significant change to the European steel sector.
Currently, Thyssenkrupp's stock is moving down 3.59 percent, to $13.98 on the OTC Markets.
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