(Finance) – Il Supervisory board Of Thyssenkruppa German industrial group specializing in steel processing, has approved the participation of the energy company EP Corporate Group (EPCG) in Thyssenkrupp’s steel business. The decision was made with the second vote of the chairman of the supervisory board against the vote of the employee representatives.
EPCG, energy group controlled by Czech billionaire Daniel Kretinsky, will therefore acquire 20% of the steel activities by Thyssenkrupp.
At the end of April, Thyssenkrupp’s executive board had reached an agreement in principle with the EPCG. The entry of EPCG unites the leading materials expertise of Thyssenkrupp Steel Europe with the energy expertise of EPCG.
“The strategic partnership with EPCG is an important step which contributes to resilient, economically efficient and climate-friendly steel production at Thyssenkrupp Steel Europe – and thus also a significant contribution to safeguarding the future of the steel industry in Germany,” it said in a statement.