Czech billionaire Daniel Kretinsky will sell his 20 percent share in Thyssenkrupp Steel Europe, a subsidiary of the German manufacturer, THYSSENKRUPP STEEL, stopping the protracted negotiations on a joint venture and paved the way for the THYSSENKRUPP to activate negotiations with the Indian company Jindal Steel International, according to Reuters.
In September of this year, Jindal Steel International submitted a non -inhibiting proposal for the acquisition of the THYSSSENKRUPP steel business, as previously reported steelorbis .
Cretinsky’s movement closes the chapter, which began when its EP Group acquired a share in 2023 with the aim of creating a German-Czech steel and energy giant. Never revealed, industry insiders estimated the initial transaction at about € 140 million ($ 164 million). The sale of Kretinsky shares will allow Thyssenkrupp to fully focus on negotiations with Jindal Steel, which recently submitted an indicative application for the entire steel plant.
