Krupp Boss: Sell Some Subsidiaries
MUNICH, Germany (AP) _ The boss of German industrial giant Krupp _ which is in the final stages of a merger with industrial group Thyssen _ favors selling off all telecommunications subsidiaries, a report said Sunday.
Krupp chief Gerhard Cromme, a contender to become head of the merged concern, would sell Thyssen’s telecommunications subsidiaries, the Munich-based Focus newsweekly said in an advance copy of its Monday edition.
Such a sale could generate about 300 million marks ($167 million). The most interested buyer is Talkline, a new long-distance phone carrier entering Germany’s deregulated phone market, Focus said.
Thyssen’s board agreed Thursday to a plan to merge with Krupp, bringing the two industrial giants closer to a friendly fusion just one year after Krupp’s hostile takeover bid failed. They already have merged their steel businesses, creating Europe’s largest steel-making concern.
Details of the broader merger are to be revealed jointly by Thyssen and Krupp after the Krupp supervisory board discusses the plan on Feb. 5.