Thyssenkrupp has regained full control of its steel division after Czech tycoon Daniel Kretinsky agreed to sell back his 20pct stake and abandon plans for a joint venture, the company said in a joint statement.
The move ends more than a year of stalled talks since Kretinsky’s EP Group acquired the stake, valued at around USD 164 mln, in hopes of creating a German-Czech steel and energy giant.
Kretinsky has already stepped down from Thyssenkrupp Steel Europe’s supervisory board, along with another EP Group executive. The withdrawal allows Thyssenkrupp to focus on negotiations with India’s Jindal Steel International, which last month submitted a preliminary bid to acquire all of Thyssenkrupp Steel Europe, a volatile business the German group has long sought to divest.
The two companies confirmed that EP Group would be reimbursed for its purchase, with Thyssenkrupp noting the decision aligns with its preference to concentrate on talks with Jindal.
