Emirates Steel Arkan is said to be considering investing in ThyssenKrupp AG’s steel division. The company is considered a serious bidder for a stake in the deal, Bloomberg reports.
The negotiations for the purchase come at a turbulent time. On Monday, the current CEO Martina Merz announced her resignation.
The new CEO Miguel Angel López Borrego will come in June and should be tasked with restructuring Thyssenkrupp and selling the steel division.
The state-controlled steel producer Emirates Steel Arkan from Abu Dhabi is said to be considering entering the steel division of Thyssenkrupp AG. That reports “Bloomberg‘, citing internal sources. The rumors come at times that are already turbulent for the company from Essen. CEO Martina Merz only gave up on Monday. Miguel Angel López Borrego is scheduled to take over in June.
The new CEO López Borrego would probably be tasked with restructuring Thyssenkrupp and selling the steel business. However, López Borrego is not known for selling shares in companies quickly. Emirates Steel Arkan has not yet commented.
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The sale to Emirates Steel Arkan could be implemented as a kind of business partnership, reports Bloomberg. The company would then manufacture energy-intensive products in the United Arab Emirates using renewable energy and ship them to Germany, where Thyssenkrupp could process them.
There were also other interested parties, however, the Indian JSW Steel Ltd. and buyout firm CVC Capital Partners has been less active in acquisitions in recent months.