🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Union announces talks with Carlyle on majority stake in Thyssenkrupp Marine Systems

Published 04/30/2024, 10:58 AM
Updated 04/30/2024, 11:22 AM
© Reuters. Steelworkers listen to the rally atop a boom lift at the Thyssenkrupp Steel Europe site during an IG Metall union protest in Duisburg, Germany April 30, 2024. REUTERS/Jana Rodenbusch/ File Photo
TKAG
-

DUESSELDORF, Germany (Reuters) -Germany's IG Metall union on Tuesday said it had preliminary talks with Carlyle on the investment firm taking a majority stake in Thyssenkrupp (ETR:TKAG) Marine Systems and agreed to push for an agreement as quickly as possible.

In a newsletter seen by Reuters, the union however insisted that a stake sale to private equity investors could only happen if the state stepped in as well to secure the conglomerate's naval shipbuilding activities.

The economy ministry was not immediately available for comment.

"A first round of negotiations in a small group is scheduled for the beginning of May," IG Metall said, adding that Carlyle was carrying out due diligence about taking a majority stake.

Thyssenkrupp said last month it was considering selling a stake in its Marine Systems unit. Carlyle had confirmed its involvement in the talks but declined to elaborate.

Thyssenkrupp is aiming to sell a stake of around 25% in the unit mainly due to the burden of providing billions of euros of guarantees to clients.

© Reuters. Steelworkers listen to the rally atop a boom lift at the Thyssenkrupp Steel Europe site during an IG Metall union protest in Duisburg, Germany April 30, 2024. REUTERS/Jana Rodenbusch/ File Photo

"...a sale to private equity investors can only happen if the state assumes its responsibility and steps in to secure naval shipbuilding as a key technology in the long term," the union said.

"There is currently broad political support for this."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.