October 27

Germany’s Thyssenkrupp will start giving India’s Jindal Steel International more access to financial details of its Thyssenkrupp Steel Europe (TKSE) business from next week, two people familiar with the matter said.
Jindal Steel made an indicative bid last month for TKSE, Europe’s second-largest steelmaker after ArcelorMittal and Thyssenkrupp (TKAG.DE), opens new tab CEO Miguel Lopez told Reuters on Monday that talks were intensive.

The deepening of due diligence coincides with the visit of a Jindal Steel delegation to TKSE’s headquarters in Duisburg ahead of crunch talks planned later in the year, the people said.
Thyssenkrupp said official due diligence proceedings had started in recent weeks, including site visits by Jindal Steel, declining to comment further.
Jindal Steel, part of Naveen Jindal Group, declined comment.
PENSION LIABILITIES A KEY HURDLE
Shares in Thyssenkrupp, which were up 1.5% earlier in the day, spiked to trade as much as 3.2% higher after the news and were trading 2% higher at 1149 GMT.
While Jindal Steel may be prepared take on some 2.7 billion euros ($3.2 billion) in pension liabilities – a key hurdle to past efforts to sell TKSE – this will require Thyssenkrupp to make substantial financial commitments, the people said.

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