Liberty Steel launches takeover bid for Thyssenkrupp, IG Metall does not take a positive view
The British group Liberty Steel is offering to buy the activities of the German conglomerate Thyssenkrupp in steel.
Reuters
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2 min
The British group Liberty Steel, founded and managed by the industrialist Sanjeev Gupta, proposes to buy the activities of the German conglomerate Thyssenkrupp in steel.
The powerful German union IG Metall does not welcome this merger.
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Liberty Steel's offer comes as Thyssenkrupp, which produces submarines, automotive components and even steel coils, is heavily affected by the steel crisis and the Covid-19 pandemic.
The German plans to sell its steel division, but he would have preferred the Indian Tata or the Swedish SSAB.
The group does not exclude the acquisition of a State stake.
An idea supported by IG Metall.
For the powerful German union, Thyssenkrupp does not need a new owner, but capital in order to make a transition to the production of climate neutral steel.
But he doesn't want Liberty Steel.
However, few companies in the sector can afford such a change financially.
Liberty Steel is that type of business.
Thanks to its acquisition of several European sites, including Ascoval in France, Liberty Steel has become one of the leaders in the sector.
For the Briton, a partnership with Thyssenkrupp would be a good response to the crisis and to environmental challenges.
He promises not to destroy jobs.
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