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Thyssenkrupp shares rise as group sells stake in steel unit to Křetínský's EPCG

Investing.com -- Shares in Thyssenkrupp (ETR:TKAG) surged in European trading on Friday after the German conglomerate announced that it will offload a 20% stake in its steel business to EPCG, an energy holding company owned by Czech billion Daniel Křetínský.

Thyssenkrupp added that it is also in talks with EPCG over the firm taking an additional 30% stake in the business, aiming to potentially create a 50-50 joint venture.

The deal comes as Thyssenkrupp has been attempting to offload the steel unit, which has posted operating losses in four of the past five years due in part to fierce competition from cheaper Asian competitors and elevated power prices.

The value of the deal was not disclosed, although Reuters, citing brokerage Baader, reported that Thyssenkrupp may garner between 350 to 400 million euros for the stake.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.