German company Thyssenkrupp has announced the cancellation of its planned joint venture in the steel sector with the Czech group EPH, owned by businessman Daniel Křetínský.
The company said in a statement on Thursday that talks between the two sides were mutually terminated.
EPH currently holds a 20% stake in Thyssenkrupp Steel Europe (TKSE), and it had been planned to increase this stake to 50%. However, discussions were halted after India’s Jindal Steel submitted a non-binding offer to acquire TKSE, according to the German news agency DPA.
Thyssenkrupp explained that EPH respected the company’s wish to focus first on negotiations with the Indian bidder. The Czech group also expressed its willingness to return its 20% stake in TKSE in exchange for reimbursement of the purchase amount previously paid.
The partnership agreement between Thyssenkrupp and EPH dates back to spring 2024. In July 2024, Thyssenkrupp sold 20% of its struggling steel division to EPH, but talks regarding the purchase of the additional 30% stake dragged on for months without reaching a final outcome.