by Christoph Steitz
Frankfurt (Reuters) – Thyssenkrupp has received a non -binding redemption offer for its steel subsidiary from a division of the Indian conglomerate Naveen Jindal Group, said the German company on Tuesday which has been trying for years to cede this activity.
The announcement of the indicative offer for Thyssenkrupp Steel Europe (TKSE), the largest German steelmaker who achieved 10.7 billion euros in sales last year, increased the action of the parent company on Tuesday up to 7.9% on the Frankfurt Stock Exchange.
The Thyssenkrupp action ended up on a gain of 4.38%, at its highest level for almost four and a half years.
Thyssenkrupp declared to examine carefully the offer, the financial details of which he has not revealed, “in particular with regard to economic sustainability, the continuation of green transformation and employment on our steel sites”.
In a separate press release, Jindal Steel International said that its offer would guarantee steel production in Germany, would include the delivery of a green steel production site by TKSE in Duisbourg and a commitment of more than two billion euros to increase the capacity in electric arc overalls.
“Our objective is to preserve and develop the 200 -year -old industrial heritage in Thyssenkrupp and help make it the largest integrated steel producer with low European emissions,” said Narendra Misra, director of European operations at Jindal.
Thyssenkrupp sold last year a 20% stake in TKSE in the Czech businessman Daniel Kretinsky in order to give up an additional 30% to create an equal parts.
(Written by Christoph Steitz; Coralie Lamarque; edited by Blandine Hénault)
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