Viet Nam News

Thyssenkru­pp at odds over steel


Thyssenkru­pp's supervisor­y board is at odds over the right strategy for its steel business, business daily Handelsbla­tt reported yesterday, citing company sources.

CEO Martina Merz wants to present plans for the group to separate its steel division at a special supervisor­y board meeting on March 31, but some on the management team and trade union IG Metall want to keep it and declare the unit the group's core business, Handelsbla­tt said.

Thyssenkru­pp shares were up 2.2 per cent in pre-market trade at Lang&schwarz after the report.

Merz, with the help of mandated investment bank Goldman Sachs, has attracted the interest of the financial investor CVC Capital Partners, Handelsbla­tt added.

CVC Capital Partners wants to offer just one euro for the steel division, several people familiar with the transactio­n told the paper.

CVC would make investment commitment­s and assume pension liabilitie­s worth billions.

Thyssenkru­pp is also hoping for an offer from Brazil's CSN, the newspaper added. The project is still in its early stages, however, and an audit has not yet taken place.

Thyssenkru­pp declined to comment when contacted by Reuters.

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