Large business in the Steel sector as Outokumpu buys German steel unitTuesday, 31 January 2012
The German industrial giant ThyssenKrupp sells its steel unit Inoxum to the Finnish Outokumpu.
According to reports from AFP, the deal is estimated to be worth 2.7 billion euros, equivalent to more than Skr24 billion.
AdvertisementAs part of the deal may ThyssenKrupp becomes a minority ownership of 29.9 percent of the new Steel Company. In addition, Outokumpu will pay a significant share in cash in the deal.
The Board of ThyssenKrupp has approved the deal and the two companies have agreed with the union representatives during Tuesday morning. The union contract includes restrictions on production and personnel cutbacks.
The deal must now be approved by ThyssenKrupp’s review board that’ll hold an extraordinary meeting on Tuesday afternoon.
By Scancomark.se Team
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