German Economy Minister Against Nationalization of Thyssenkrupp

Bookmark

German Economy Minister Peter Altmaier has rejected speculation that the state is planning to acquire a stake in ailing steel producer Thyssenkrupp AG.

“We are prepared to make public funds available for the massive restructuring of the steel industry toward climate-neutral steel,” Altmaier said in an interview with the Frankfurter Allgemeine Sonntagszeitung. “And, of course, our aid programs are also open if liquidity is needed,” he said.

German Economy Minister Against Nationalization of Thyssenkrupp

Altmaier did not want to comment on the current takeover bid by British conglomerate Liberty Steel, according to the newspaper.

Sanjeev Gupta’s Liberty said it’s made a non-binding indicative offer for Thyssenkrupp’s steel unit, as the German conglomerate continues restructuring efforts to ensure its survival.

Read more: Thyssenkrupp Jumps as Gupta’s Liberty Bids for Steel Unit

Thyssenkrupp shares surged on Friday after reports that the offer was imminent.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.