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Finance

Thyssenkrupp says Kretinsky's 20% holding in steel unit is reversible

Published by Global Banking and Finance Review

Posted on January 31, 2025

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DUESSELDORF (Reuters) - Thyssenkrupp's CEO said on Friday that the purchase of 20% in the German industrial group's steel business by a holding of Czech billionaire Daniel Kretinsky can be reversed if talks over a deeper collaboration fail.

Speaking at ThyssenKrupp's annual shareholder meeting, CEO Miguel Lopez said that there is a fallback agreement to wind down his investment if the two sides fail to agree on 50/50 shared ownership in the embattled steel business as planned.

(Reporting by Tom Kaeckenhoff in Duesseldorf; Writing by Ludwig Burger; Editing by Miranda Murray)