Germany's Thyssenkrupp scraps joint steel venture with EP Group [Yahoo! Finance]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Yahoo! Finance
A planned joint venture between German steel giant Thyssenkrupp and the EP Group (EPG) owned by Czech entrepreneur Daniel Kretinsky has been scrapped. Talks have been terminated "amicably," Thyssenkrupp said on Thursday. The EP Group took a 20% stake in Thyssenkrupp Steel Europe (TKSE) early last year, with an aim to increase this to 50%. However, talks subsequently dragged on, and Thyssenkrupp has since received a non-binding offer from India's Jindal Steel for TKSE. EPG respects Thyssenkrupp's wish to concentrate on talks with Jindal, the company said. It has agreed to return its 20% stake and to receive a refund of the purchase price it had paid to Thyssenkrupp.
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