Tuesday 7 July 2009 - All stories compiled and edited by Bhaswati Das
ThyssenKrupp AG, Germany’s largest steelmaker, has discontinued its plans of the sale of an industrial services unit as part of a €1-billion ($1.4-billion) disposal of assets after buyers pulled out.
The Dusseldorf-based producer abandoned the offering of ThyssenKrupp Industrieservice after potential buyers, including Hochtief AG and Bilfinger Berger AG, Germany’s biggest builders, and private-equity firms decided against bidding.
The sale of two other units, the Xervon chemical and power plant operator and scaffolding company Safway, may also fail as Royal Bank of Scotland Group Plc and JPMorgan Chase & Co, who were managing the disposals, are no longer offering financing for potential buyers.
ThyssenKrupp Chief Financial Officer, Alan Hippe is seeking to cut costs after the company’s debt surged and shares slumped.
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