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FLSmidth eyes thyssenkrupp takeover

 

Engineering company FLSmidth is in negotiations with thyssenkrupp to acquire its mining business.

thyssenkrupp previously placed its plant technology division on the market in October 2020 after recording a €235 million ($368 million) loss in earnings before interest and tax (EBIT) in the year ending September 2020.

The negotiations are considered as non-binding, with FLSmidth making no commitment to the deal materialising.

“The negotiations are at a non-binding stage,” a spokesman said in a FLSmidth statement. “Accordingly, there can be no assurances as to whether and when a transaction will transpire.

“Any transaction, if entered into, would be subject to clearances from statutory authorities, including approvals from merger control authorities.”

thyssenkrupp experienced a 41 per cent decline in order intakes in the 2019-20 fiscal year due to a “restraint in the award of large projects”.

FLSmidth is a multinational engineering company that offers minerals processing and materials handling solutions.

thyssenkrupp’s plant technology division specialises in belt conveyors, bucket wheel excavators, crushing plants, screens and stockyard systems.