Czech billionaire Daniel Kretinsky will sell his 20 percent stake in Thyssenkrupp Steel Europe, subsidiary of German steelmaker Thyssenkrupp Steel, ending protracted joint venture talks and paving the way for Thyssenkrupp to intensify negotiations with India-based Jindal Steel International, according to a report by Reuters.
In September this year, Jindal Steel International submitted a non-binding offer to acquire the steel business of Thyssenkrupp, as SteelOrbis previously reported.
Kretinsky’s move closes a chapter that began when his EP Group purchased the stake in 2023, with the aim of building a German-Czech steel and energy giant.
While the sale price was never disclosed, industry insiders valued the original transaction at around €140 million ($164 million). The sale of the stake by Kretinsky will clear the way for Thyssenkrupp to concentrate fully on talks with Jindal Steel, which recently submitted an indicative bid for the entire steel unit.