Thyssenkrupp-EP Group JV ends, Jindal gains clear run

EP Group agrees to exit the talks, returning its 20% stake in Thyssenkrupp Steel Europe

- Dipali Banka & Nehal Chaliawala

Before Jindal's bid, EPG had acquired a 20% stake in Thyssenkrupp Steel Europe last July, with an agreement to discuss an additional 30% for a 50:50 JV.

(BLOOMBERG)

German steelmaker Thyssenkrupp has called off its joint venture (JV) plan with Czech billionaire Daniel Kretinsky's EP Group, as it considers rival suitor Naveen Jindal's acquisition offer.

Both the EP Group and Thyssenkrupp AG “mutually agreed” to end the discussions on the possible equal JV for Thyssenkrupp Steel Europe, according to a joint statement.

“EPG respects thyssenkrupp AG's preference to concentrate on discussions with Jindal Steel International about its submitted indicative bid for Thyssenkrupp Steel Europe and has agreed to withdraw from further talks, return its 20% stake in Thyssenkrupp Steel Europe, and receive reimbursement of the purchase price it paid to thyssenkrupp AG,” both the companies confirmed in an emailed statement to Mint.