thyssenkrupp ended talks on a possible takeover of thyssenkrupp Steel Europe by Liberty Steel on February 17, 2021.
Future viability of steel business to be secured
As Dr. Klaus Keysberg stated in a company press release: “We opened the door for negotiations, but in the end our ideas on the enterprise value and the structure of the transaction were far apart. We have therefore decided to end the talks. We regret this step, as we perceived Liberty Steel as a serious partner in the process. It is now important for us to secure the future viability of our steel business through our own efforts. We are working flat out on this, as we have repeatedly emphasized in recent weeks and months.”
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thyssenkrupp and Liberty Steel fail to reach a joint solution
Liberty Steel had submitted an updated, non-binding offer to thyssenkrupp to take over thyssenkrupp Steel Europe. The company had carefully examined this offer. There had been a close exchange between thyssenkrupp and Liberty Steel on a number of complex issues. However, as a result no joint solution could be found to meet thyssenkrupp’s key requirements.
thyssenkrupp to drive forward positioning in steel business alone
thyssenkrupp will now continue to drive forward a sustainable positioning of steel under its own steam. To this end the Steel Executive Board is working on a systematic further development of the 20-30 steel strategy to counter the consequences of the corona pandemic and make steel sustainably profitable and thus future-proof.
Source: thyssenkrupp.com
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