Emirates Steel Arkan, CVC, and JSW Group did not immediately respond to requests for comment. Thyssenkrupp declined to comment on the report. Thyssenkrupp has also held preliminary talks with private equity firms over a sale of a minority stake in its marine systems business, Bloomberg reported. Earlier this week, Thyssenkrupp Chief Executive Martina Merz, who launched a major overhaul of the German industrial conglomerate, stepped down.
Miguel Angel Lopez Borrego, who is expected to join Thyssenkrupp on June 1, will be the fourth CEO in less than five years to attempt to simplify its conglomerate structure, which also spans submarines, car parts and materials trading. For the past decade, the German conglomerate's management has considered steel a drag on Thyssenkrupp due to its cyclical nature, yet previous efforts to merge the division with a peer, sell it to a rival, list it or spin it off have all failed. (Reporting by Anusha S in Bengaluru; Editing by Alexander Smith)
