SALZGITTER (dpa-AFX) - Salzgitter AG (SZGPF.PK, SZGPY.PK), a German steel manufacturer, announced its decision to terminate discussions with the consortium comprising GP Günter Papenburg AG and TSR Recycling GmbH & Co. KG concerning a potential takeover offer. This decision stems from substantial disagreements regarding the present and future valuation of Salzgitter AG.
The company is implementing a series of strategic measures to enhance its cost-efficiency initiatives. The company's 'Performance 2026' program has been upgraded, with the successor program 'P28' now aiming for savings of 500 million euros -doubling the previous target of 250 million euros. By the end of 2024, approximately 130 million euros in savings has already been achieved under this revised approach.
In November 2024, GP Gunter Papenburg AG, the shareholder of Salzgitter, informed the company that it, together with TSR Recycling GmbH & Co. KG, was considering submitting a voluntary public takeover offer to the shareholders of Salzgitter AG to acquire shares in the company.
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