Billionaire Kretinsky Exits Thyssenkrupp Steel Unit as Talks End

Thyssenkrupp AG and Czech industrial tycoon Daniel Kretinsky have ended talks over the latter investing more in the German conglomerate’s European steel unit, clearing the way for rival suitor Jindal.

Kretinsky’s EP Group had bought a 20% stake in the division last year as part of negotiations over a possible 50-50 joint venture. EP Group will give that holding back and Thyssenkrupp will reimburse the purchase price, the company said Thursday.