The Czech billionaire trying to buy Royal Mail has taken a 20 per cent stake in a German steel business.
Daniel Kretinsky, whose £3.2billion offer for Royal Mail owner International Distributions Services (IDS) has been rejected, has snapped up a slice of Thyssenkrupp’s steel unit for an undisclosed sum.
The German company said it was in talks with Kretinsky’s company EPCG about it taking a further 30 per cent stake – turning it into a 50-50 joint venture.
Swoop: Daniel Kretinsky has snapped up a slice of Thyssenkrupp’s steel unit for an undisclosed sum
Thyssenkrupp Steel Europe is Germany’s largest steelmaker and tied to the country’s rise as an industrial powerhouse.
However, cheaper Asian competitors, high power prices and a cooling global economy have put pressure on the business, leading to operating losses in four of the past five years.
Dubbed the Czech Sphinx, Kretinsky is co-owner of West Ham. He owns a 27.6 per cent in IDS and this month offered to buy the rest of the business for 320p a share.