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Germany Approves Sale of Thyssenkrupp Stake to Czech Billionaire

 |  June 17, 2024

Germany’s antitrust regulator has approved the sale of a minority stake in Thyssenkrupp’s steel division to EP Corporate Group, a company owned by Czech billionaire Daniel Kretinsky. The regulator’s decision clears the way for EP Corporate Group to acquire a 20% share in the German steel giant.

A spokesman for Thyssenkrupp confirmed Germany’s regulatory approval, stating that the antitrust authority found the sale would not negatively impact competition within the industry. This clearance is a pivotal step for Thyssenkrupp, as it seeks to bolster its financial position and strategic flexibility amidst ongoing market challenges.

EP Corporate Group’s acquisition marks Kretinsky’s expanding influence in the European industrial sector. The investment in Thyssenkrupp’s steel operations aligns with his broader strategy of diversifying his portfolio, which already includes significant holdings in energy, media, and retail.

Thyssenkrupp, a historical heavyweight in the steel market, has been navigating a series of restructuring efforts to enhance its competitiveness and operational efficiency.

Related: Thyssenkrupp, Tata Lose Fight Against EU Veto

Source: XM