The headquarters of the Thyssenkrupp group, in Essen, Germany.Keystone
The man whose fortune is estimated at $9.3 billion by Forbes, has been known for several years to come to the aid of large European groups, particularly in energy, but also in distribution and the media.
Czech billionaire Daniel Kretinsky extended his industrial empire in Europe on Friday with the acquisition of 20% of the crisis-hit steel activities of the German group Thyssenkrupp, which join an already well-stocked portfolio in energy, distribution and media.
The two companies are also discussing the acquisition of an additional 30% of the capital of Thyssenkrupp Steel by Daniel Kretinsky’s holding company, EPCG, the German company said in a press release.
The ThyssenKrupp group, all activities combined, is currently valued at around 3 billion euros.
Staff fears
The arrival of Daniel Kretinsky comes in a very difficult context for the German steelmaker, which has been suffering for several years.
The group is facing a difficult situation: German industry has been slowing down for several quarters and is unable to absorb the overabundant supply of steel on the market, dominated by Chinese producers.
ThyssenKrupp currently employs around 27,000 people. But on the side of staff representatives, concern dominates.
Employee representatives only learned the news at the last minute: “It’s neither a good style nor a good start”underlined Jürgen Kerner, vice-president of the main German union, IG Metall, as well as of the supervisory board.
In principle, the union is not “against” the arrival of investors, but it is worried about the threats of layoffs and site closures.
Decarbonize the industry
With this acquisition, Daniel Kretinsky, already very present in the energy sector, said he wanted to make “an important contribution to the decarbonization of the steel industry,” according to the press release.
In France, he tackled distribution and services by notably entering the capital of the Casino group in 2019, before the brand passed completely into his hands in March of this year.
The Czech billionaire is also present in the media and publishing, in his country but also in France, via Lagardère Active, the Le Monde group until last fall, the Editis group and a share in the capital of TF1. (ats/jch)
