Emirates Steel Arkan considering options after report on Thyssenkrupp stake bid

Emirates Steel Arkan considering options after report on Thyssenkrupp stake bid

Emirates Steel Arkan, the largest public steel and building materials business in the UAE, said it continuously evaluates options to expand its business after a media report earlier this week said the Abu Dhabi state-backed group is pursuing a potential investment in Germany’s Thyssenkrupp’s steel unit.

Emirates Steel Arkan is emerging as the most serious contender to buy a stake in the Thyssenkrupp business and could make a formal bid in the coming months, Bloomberg reported on Wednesday, citing sources.

“We are aware of the media reports that have been published in the last 48 hours,” Saeed Al Remeithi, group chief executive of Emirates Steel Arkan, said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.

“However, the relevant discussions are at a very preliminary stage and no terms in respect of any potential transaction have been reached. Any material information relating to a transaction will be announced in compliance with applicable regulations and disclosure requirements.”