LONDON, March 5 (Reuters) - U.S. investment fund Flacks Group would be "ready to bid" for the steel division of Germany's Thyssenkrupp should current efforts to sell it fail, its Chief Executive
Flacks Group 'ready to bid' for Thyssenkrupp steel business if current sale talks fail
Flacks Group Eyes Thyssenkrupp Steel Amid Ongoing Sale Negotiations
By Andres Gonzalez
Current Status of Thyssenkrupp Steel Sale
LONDON, March 5 (Reuters) - U.S. investment fund Flacks Group would be ready to bid for the steel division of Germany's Thyssenkrupp should current efforts to sell it fail, its CEO Michael Flacks told Reuters on Thursday.
Thyssenkrupp has been in talks with Jindal Steel International about a possible sale of Thyssenkrupp Steel Europe (TKSE) since autumn, discussions that are yet to result in a firm bid for the business.
Flacks Group's Investment Background
Flacks Group, which describes itself as one of the leading investors in distressed assets and special situations worldwide, was picked in December by Italy for exclusive talks on the sale of bailed-out steel company Acciaierie d'Italia.
Potential Interest in Thyssenkrupp and Other Steel Assets
"Our main interest is now in Italy, but we are interested in major steel companies, and if the talks regarding an acquisition of Thyssenkrupp's steel business fail, we are ready to bid for it," Flacks said.
Shares in Thyssenkrupp turned positive on the news and were up as much as 2.2%.
Other Acquisition Interests
Flacks told the FT last month that he was also interested in acquiring British Steel.
Thyssenkrupp's Restructuring Efforts
A Thyssenkrupp spokesperson said the restructuring of TKSE, which includes the cutting or outsourcing of up to 11,000 jobs, had boosted the division's attractiveness, and that the company was in constructive talks with Jindal Steel International.
(Reporting by Andres Gonzalez; Additional reporting by Christoph Steitz; Editing by Toby Chopra, Jane Merriman and Jan Harvey)
