Thyssenkrupp CEO says Liberty Steel bid needs clarification
2021-02-02 14:56:49 [Print]
A bid which Britain's Liberty Steel submitted for Thyssenkrupp's steel division in January must be clarified in ongoing talks between the two firms, the German group's chief executive said.
The bid still contains a number of complex aspects that require further clarification, Martina Merz said. "We are in discussions with Liberty Steel to this end."
Liberty Steel submitted what it called a firmed-up bid for Thyssenkrupp's steel division, pledging to honor existing labor agreements as well as securing increased financial leeway to fund the transaction.
Merz did not elaborate on the sticking points, which include about 4 billion euros ($4.83 billion) of pension liabilities tied to Thyssenkrupp's steel unit and the question of whether all or parts of that can be transferred as part of a transaction.
Merz said Thyssenkrupp aims to decide on whether to sell or keep the division in March, adding alternatives to a sale include spinning off the unit or retaining it as part of the group.
"Our ultimate goal is to ensure the future viability of steel and thus safeguard our employees' prospects. In our view, this is more important than the question of ownership," Merz said.
The bid still contains a number of complex aspects that require further clarification, Martina Merz said. "We are in discussions with Liberty Steel to this end."
Liberty Steel submitted what it called a firmed-up bid for Thyssenkrupp's steel division, pledging to honor existing labor agreements as well as securing increased financial leeway to fund the transaction.
Merz did not elaborate on the sticking points, which include about 4 billion euros ($4.83 billion) of pension liabilities tied to Thyssenkrupp's steel unit and the question of whether all or parts of that can be transferred as part of a transaction.
Merz said Thyssenkrupp aims to decide on whether to sell or keep the division in March, adding alternatives to a sale include spinning off the unit or retaining it as part of the group.
"Our ultimate goal is to ensure the future viability of steel and thus safeguard our employees' prospects. In our view, this is more important than the question of ownership," Merz said.
