Jindal Steel has been conducting due diligence on Thyssenkrupp Steel Europe (TKSE) since October after making an indicative bid for Europe’s second-largest steelmaker
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
In September, Jindal Steel International submitted a non-binding offer to Thyssenkrupp AG and initiated discussions about the potential acquisition of its steel division.
Thyssenkrupp is undergoing a restructuring wherein 40 per cent of its workforce or 11,000 jobs are proposed to be axed. Of the total, 5,000 jobs are to be eliminated by 2030 and the remaining 6,000 jobs through spin-offs or divestitures.
The firm has submitted a non-binding bid for the company, and has also committed to support its decarbonisation plan
Thyssenkrupp Electrical Steel India is in the business of manufacture and sale of grain-oriented electrical steel with its facility located in Nashik, Maharashtra
The Luxembourg-based Court of Justice of the European Union (CJEU), Europe's highest, sided with the European Commission and dismissed Thyssenkrupp's appeal entirely, the judges said.
The move is part of the exercise by ICL to monetise some of its non-core assets for improving liquidity and operating performance.