By Kim Richters
Thyssenkrupp AG said late on Wednesday that it has ended talks with Liberty Steel Group on a potential sale of its steel operations, ruling out a deal with the U.K.-based company.
"We opened the door for negotiations, but in the end our ideas about the corporate value and the structure of the transaction were far apart," said Thyssenkrupp finance chief Klaus Keysberg.
"We regret this step because we perceived Liberty Steel as a serious partner in the process," he added.
Liberty Steel, part of GFG Alliance Ltd., made an initial non-binding offer for the German industrial company's division in October 2020.
Thyssenkrupp said on Wednesday that "no common solution could be found for key requirements" during the talks.
It will now continue to work on developing the steel unit on its own, it said.
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