Thyssenkrupp ends talks with Liberty Steel, will not sell steel unit

Thursday, 18 February 2021 10:49:13 (GMT+3)   |   Istanbul
       

Germany-based Thyssenkrupp has announced that it has ended talks on a possible acquisition of the company’s steel unit Thyssenkrupp Steel Europe by UK-based Liberty Steel, as their ideas about the corporate value and the structure of the transaction were far apart. A sale of the steel unit to Liberty Steel will therefore not take place.

The company will now continue to drive forward a sustainable position for steel on its own. For this purpose, its steel board is working on a consistent further development of the Steel Strategy 20-30 in order to address the consequences of the pandemic and to make steel sustainably profitable and thus future-proof.

Liberty Steel Group had submitted a firmed-up bid for the steel unit and Thyssenkrupp examined the offer carefully, as SteelOrbis previously reported. There was a close exchange between Thyssenkrupp and Liberty Steel on a number of complex topics. However, no common solution could be found for key requirements addressed by Thyssenkrupp.


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