Liberty Steel and thyssenkrupp have confirmed they will be entering the due diligence process which could eventually lead to a takeover of thyssenkrupp Steel Europe by Liberty.
“Thyssenkrupp and Liberty Steel Group have agreed to enter a further process phase,” the UK-based group writes in a statement sent to Kallanish. It “…will shortly begin a detailed due diligence and thus gain insight into key business data of thyssenkrupp’s steel business.”
A statement of similar wording has been issued by thyssenkrupp. Last week already, insiders told news agencies the next step of the takeover talks was in the offing.
Meanwhile, the economy minister of the state of North Rhine Westphalia, Andreas Pinkwart, was cited in the local press as having a positive attitude towards the negotiations. “It is a reasonable basis for discussion,” he was quoted as saying about Liberty’s non-binding offer after talking to Liberty chief Sanjeev Gupta. Pinkwart said Liberty’s concept is substantial, and he welcomed the group’s apparent willingness to push the transformation towards green steel.
At the same time, Pinkwart expressed scepticism about a possible participation of the state in thyssenkrupp as a stakeholder. Legal requirements are such that the option is virtually not feasible, he was quoted as saying.
