SALZGITTER (dpa-AFX) – In view of a possible takeover of the Salzgitter steel group, the state of Lower Saxony is not preparing to sell its shares. The state has a 26.5 percent stake in the company, making it its largest shareholder. “The state does not plan to sell its shares in Salzgitter AG (Salzgitter),” said the Finance Ministry in Hanover.
The steel group had recently confirmed a takeover offer from the companies GP Günter Papenburg and TSR Recycling. The consortium submitted a non-binding offer of around 18.50 euros per share. The company will examine this and is in discussions with those involved.
The state government explained that the Ministry of Finance was not yet aware of the new, more specific conditions in detail. However, there have been intensive discussions about a possible takeover of the group in recent months. So far, there has been no discernible economic advantage or contribution to the sustainable development of Salzgitter AG. The possibility of a takeover offer had been on the table since the beginning of November.
Because: Salzgitter AG is of great importance for Lower Saxony
In addition to the positive development of the company, including the transformation towards green, more climate-friendly steel, the focus for the state is on securing the co-determination of employees and protecting the state’s shares from dilution, the ministry said.
Lower Saxony’s Prime Minister Stephan Weil made similar comments about the takeover plans in November. The SPD politician emphasized at the time that Salzgitter AG was very important for the region and Lower Saxony with more than 25,000 jobs./cwe/DP/nas
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