Germany’s biggest steelmaker ThyssenKrupp invited private equity buyers to a roadshow about a sale of its stainless business, Reuters reported Wednesday. Among the firms invited to participate were Apollo, Blackstone Group and Kohlberg Kravis Roberts & Co., Reuters said.
(Reuters) – Germany’s biggest steelmaker ThyssenKrupp AG invited private equity buyers to a roadshow about a sale of its stainless business, two sources familiar with the matter said on Wednesday.
Among those private equity players invited were Apollo , Blackstone and KKR , one of the people said, adding talks were at a very early stage.
Apollo, Blackstone and KKR were not immediately available for comment.
ThyssenKrupp said in May it would explore a sale or floatation of its stainless steel business, Europe’s market leader. It said the stainless divestment would take at least 12 to 18 months.
ThyssenKrupp’s stainless division had annual revenues of around 6 billion euros ($8.2 billion).
ThyssenKrupp declined to comment on whether a roadshow had taken place and reiterated that all options are still open.
Citigroup , Deutsche Bank and Rothschild were mandated to explore options which include a spin-off, IPO or an outright sale.