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Thyssenkrupp in talks for at least €5B in steel aid

Nov. 09, 2020 5:59 PM ETthyssenkrupp AG (TYEKF) StockTYEKF, TKAMYBy: Carl Surran, SA News Editor
  • Thyssenkrupp (OTCPK:TYEKF) is in talks with the German government over an aid package for its struggling steel unit worth at least €5B ($5.9B), well exceeding the company's current market value, Bloomberg reports.
  • Chancellor Merkel's government has signaled a willingness to provide financial support to shore up the unit and ensure future domestic production of an environmentally friendly form of steel, according to the report.
  • The company and politicians are said to be exploring ~€2B in liquidity from a government fund and at least €3B in grants.
  • Liberty Steel Group recently made a non-binding indicative offer to acquire Thyssenkrupp's steel operations.

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