The Czech billionaire trying to buy Royal Mail has acquired a 20 per cent stake in a German steel company.
Daniel Kretinsky, whose £3.2bn bid for Royal Mail owner International Distributions Services (IDS) has been rejected, has snapped up a stake in Thyssenkrupp’s steel unit for an undisclosed sum.
The German company said it was in talks with Kretinsky’s company, EPCG, to acquire an additional 30 percent stake, making it a 50-50 joint venture.
Swoop: Daniel Kretinsky has taken a stake in Thyssenkrupp’s steel unit for an undisclosed sum
Thyssenkrupp Steel Europe is Germany’s largest steelmaker and is linked to the country’s rise as an industrial power.
However, cheaper Asian competitors, high energy prices and a cooling global economy have put pressure on the business, leading to operating losses in four of the last five years.
Nicknamed the Czech Sphinx, Kretinsky is a co-owner of West Ham. He owns 27.6 per cent of IDS and this month offered to buy the rest of the business for 320 pence a share.