Steel Giant ThyssenKrupp is asking for another bail out
The German government might put up more than 5bn Euros to save the company.
Thyssenkrupp (OTCPK: TYEKF) is in talks with the German government about an aid package for its troubled steel unit worth at least 5 billion euros ($ 5.9 billion), which is well above the company's current market value, reports Bloomberg .
According to the report, Chancellor Merkel's government has signaled its readiness to provide financial support to support unity and ensure future domestic production of an environmentally friendly form of steel. The company and the politicians are to examine ~ 2 billion euros in liquidity from a state fund and at least 3 billion euros in grants.
The Liberty Steel Group recently submitted a non-binding indicative offer to acquire Thyssenkrupp's steel activities.