German Chancellor Friedrich Merz will discuss Jindal’s potential takeover of thyssenkrupp steel with Indian authorities during his visit to the country this week, according to German media reports. Any sale of the German steelmaker to the Indian group could be done gradually in tranches.
Citing three insiders of the negotiations, Reuters reported last week that tk’s Steel division could initially transfer 60% ownership to Jindal. This intermediate step would give thyssenkrupp more time to secure the pension debts, Kallanish notes.
The German group did not provide comment on intermediate stages of the negotiations, but did reconfirm that Jindal is in the process of due diligence.
India is about to order submarines from thyssenkrupp’s Maritime Industries division, a key topic of discussion during Merz’s visit.
The chancellor previously met with representatives of tk Steel’s workforce, and called steel a “key industry” for Germany.
