Czech EPCG can step back from steel deal if 50:50 JV fails, Thyssenkrupp says
ESSEN, Germany, Nov 19 (Reuters) -Czech energy firm EPCG, which is controlled by billionaire Daniel Kretinsky, can step back from a planned partial purchase of Thyssenkrupp's TKGA.DE steel division if plans to form a 50:50 joint venture collapse, the German company said.
EPCG earlier this year took a 20% stake in Thyssenkrupp Steel Europe and talks to raise that holding to 50% currently depend on a new business plan that is being developed for the business, the company has said.
"If a 50:50 joint venture does not materialize, we have agreed a mutual right of rescission with EPCG for the 20% stake that has already been sold," Thyssenkrupp said in its annual report on Tuesday.
Reporting by Christoph Steitz, Editing by Friederike Heine
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