Germany’s thyssenkrupp says it has completed the sale of 20% of its thyssenkrupp Steel Europe division to Czech energy company EP Corporate Group (EPCG), Kallanish notes.
The transaction had previously been approved by both the supervisory board of thyssenkrupp AG and all relevant authorities. The closing “is an important step towards the independence of the steel business and a resilient, cost-efficient and climate-friendly steel production,” says thyssenkrupp chief executive Miguel López.
From the side of the buyer company, EPCG board member Jiří Nováček says that “as EPCG, we will contribute our transformation expertise to the benefit of thyssenkrupp Steel.”
The parties are already discussing the acquisition of a further 30% stake in thyssenkrupp’s steel business by EPCG. The aim is to form an equal 50/50 joint venture.
Christian Koehl Germany
