Germany’s antitrust regulator has approved the sale of a minority stake in Thyssenkrupp’s steel business to Czech tycoon Daniel Kretinsky’s EP Corporate Group.
According to a spokesman for the German company, the regulator determined that the 20pct stake in the business would not harm competition.
Thyssenkrupp reached an agreement with Kretinsky’s EP Corporate Group in April to sell the stake, with discussions ongoing regarding the potential purchase of an additional 30pct. Thyssenkrupp views this partnership as an opportunity to combine Thyssenkrupp Steel Europe’s leading materials capabilities with EPCG’s energy expertise.
Both companies plan to establish a 50-50 joint venture, with the sale of the minority stake expected to be completed within Thyssenkrupp’s financial year ending on September 30.
