Thyssenkrupp Ends Steel Sale Talks With Liberty Over Value
- CFO of German conglomerate says the two sides were far apart
- Liberty calls discussions ‘suspended’ and is keeping door open
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Thyssenkrupp AG ended talks with Liberty Steel Group about potentially selling its steel division and will try to make the business sustainable on its own.
“In the end our ideas about the corporate value and the structure of the transaction were far apart,” Thyssenkrupp Chief Financial Officer Klaus Keysberg said in a statement. Bloomberg News reported earlier this month that Liberty’s offer for the German conglomerate’s steel unit gave it a negative equity value of at least 1.5 billion euros ($1.8 billion), citing people familiar with the matter.