(This story has been corrected to say that the indicative offer was made by Jindal Steel International, not Jindal Steel Ltd, in the headline and paragraph 1)
FRANKFURT (Reuters) – Thyssenkrupp on Tuesday said it has received a non-binding bid for its steel division from Jindal Steel International, without disclosing any further details.
Thyssenkrupp said it would closely examine the offer for Thyssenkrupp Steel Europe (TKSE) “particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites”.
Shares in Thyssenkrupp turned positive after the news and traded 2.1% higher.
Thyssenkrupp last year sold a 20% stake in TKSE, to Czech billionaire Daniel Kretinsky, with the aim of eventually selling a further 30% stake to create a 50-50 joint venture.
Powerful labour union IG Metall criticised the move, saying Kretinsky had not provided information about his strategic plans as a co-shareholder.
Thyssenkrupp’s deputy supervisory board chairman and senior IG Metall member Juergen Kerner said the news about the offer by Jindal Steel was good news.
“It is now important to enter into substantive discussions quickly in order to gain clarity on the most important open questions as soon as possible,” he said.
(Reporting by Christoph Steitz, Editing by Rachel More)
