The energy company of the potential investor can act as a supplier of energy resources for Thyssenkrupp
Czech billionaire Daniel Kretynsky is interested in acquiring a stake in the steel division of the German industrial group Thyssenkrupp, which is currently looking for a buyer or co-owner. Reuters reports about it.
Kretynsky is the owner of Energeticky a Prumyslovy Holding (EPH), one of the largest energy groups in Europe. According to him, EPH can act as a supplier of energy resources for Thyssenkrupp Steel.
In March 2023, ThyssenKrupp renewed efforts regarding the sale of its steel division in cooperation with the American bank Goldman Sachs.
Last year, the German company froze the idea of spinning off its steel business after unsuccessful attempts to list, sell or find a merger partner for Europe’s second-largest steelmaker.
ThyssenKrupp’s steel unit could be valued at €1.5 billion ($1.6 billion), excluding pension liabilities, which have decreased significantly from €4 billion thanks to higher interest rates, the sources said.
In addition to Daniel Kretynsky, according to insiders, the Indian JSW Steel and the consulting company CVC Capital Partners, based in Luxembourg and specializing in investments, as well as Emirates Steel Arkan (UAE) have shown interest in the steel division of the German group in recent months.
As GMK Center reported earlier, the German government plans to allocate ThyssenKrupp about €2 billion for the construction of a plant in Duisburg. €700 million of this amount will be provided by the German state of North Rhine-Westphalia, where the company’s headquarters are located. German Economy Minister Robert Habeck visited Essen and Duisburg to hold talks with ThyssenKrupp management and union representatives as the company fears Berlin will not support the steelmaker’s decarbonisation.