Workers want proper concept in Thyssenkrupp’s ‘disastrous’ steel M&A talks

Natalie Portman
By Natalie Portman 2 Min Read
origin 1

ESSEN, Germany (RockedBuzz through Reuters) – Labor leaders at Thyssenkrupp criticized the German conglomerate’s chief govt on Tuesday for failing to current a convincing plan in ongoing negotiations with Czech billionaire Daniel Kretinsky over the partial sale of the corporate’s steel division.

“This is a disastrous process,” stated Knut Giesler, director of IG Metall in North Rhine-Westphalia, the place Thyssenkrupp relies, after a gathering between CEO Miguel Lopez and employees’ representatives throughout which he responded to questions concerning the plans.

Thyssenkrupp is at present in talks to promote half of its steel division to Kretinsky and will shut a deal as quickly as this month, hoping to shed a cyclical enterprise after a number of earlier makes an attempt to divest the division have failed.

“We demand an industrial concept,” Giesler stated, including that solely then will employees’ representatives, who’ve appreciable weight in the corporate, comply with a partial sale of Germany’s largest steel producer.

Past makes an attempt to promote or divest Thyssenkrupp Steel Europe have all failed, together with a spin-off of the enterprise, a sale to Britain’s Liberty Steel and a three way partnership with Tata Steel.

Labor leaders stated they might hold the door open to talks if sure circumstances had been met, together with job and website safety, including that the precise proposal could possibly be authorized rapidly if crucial.

“We want facts, figures, facts,” stated Tekin Nasikkol, head of Thyssenkrupp’s works council and a member of the corporate’s supervisory board.

(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Matthias Williams and Miranda Murray)

Share This Article
Leave a comment