FRANKFURT/DUESSELDORF (Reuters) -Worker representatives met at Thyssenkrupp Steel Europe (TKSE) on Tuesday to start a process of agreeing on job security and co-determination if the German group is sold to India’s Jindal Steel International, the IG Metall union said.
Jindal Steel has made an indicative bid for TKSE, Europe’s second-largest steelmaker, and is currently carrying out detailed due diligence to assess whether to launch a formal binding offer for the business.
Workers at Thyssenkrupp’s steel division, which have traditionally commanded substantial clout over corporate decisions, are aiming to maintain that influence should an ownership change take place.
“A fair and best-owner agreement is intended to provide security for employees, locations, co-determination and the future of TKSE in the event of a possible sale to the Jindal Group,” said the union in a statement.
IG Metall said it had asked management of TKSE as well as parent Thyssenkrupp to enter negotiations on the matter at short notice, adding that Jindal Steel International had also been informed about the process.
A spokesman for Thyssenkrupp said the company intended to soon enter negotiations with IG Metall.
Jindal Steel International was not immediately available for comment
(Reporting by Christoph Steitz and Tom KaeckenhoffWriting by Madeline ChambersEditing by Miranda Murray)
