Thyssenkrupp and EPG dissolve steel agreement - Thyssenkrupp, EPG End Steel Joint Venture; EPG Returns 20% Stake
Thyssenkrupp and EP Group have mutually ended their planned steel joint venture. This comes after EPG acquired a 20% stake in Thyssenkrupp Steel Europe (TKSE) in late July 2024.
The agreement, which dates back to spring 2023, saw EPG aim to increase its stake in TKSE to 50%. However, talks between the two companies have been terminated.
EPG has agreed to return its 20% stake in TKSE and receive a refund of the purchase price paid to Thyssenkrupp. This move follows the acquisition of the remaining 30% of ThyssenKrupp's steel business by the Indian company Jindal Steel International in summer 2024. Talks over Daniel Kretinsky's purchase of this remaining 30% had been ongoing prior to EPG's decision.
The termination of the joint venture agreement between Thyssenkrupp and EP Group has resulted in EPG returning its 20% stake in TKSE. The future of Thyssenkrupp's steel business now lies with Jindal Steel International and Daniel Kretinsky, who were both involved in talks for the remaining stakes.
