Burj Khalifa supplier Emirates Steel Arkan said to weigh Thyssenkrupp steel deal

Burj Khalifa supplier Emirates Steel Arkan said to weigh Thyssenkrupp steel deal

Emirates Steel Arkan is pursuing a potential investment in Thyssenkrupp AG’s massive steel unit, with negotiations set to enter crunch time just as the German conglomerate’s incoming boss takes the reins, people with knowledge of the matter said.

The Abu Dhabi state-backed group is emerging as the most serious contender to buy a stake in the Thyssenkrupp business and could make a formal bid in the coming months, the people said, asking not to be identified because the information is private.

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One option being discussed envisions Emirates Steel Arkan taking a minority stake in Thyssenkrupp Steel as part of a business partnership, some of the people said.

The Middle Eastern company would produce energy-intensive products in the United Arab Emirates using renewable power before shipping them to Germany, where Thyssenkrupp could shape them into finished products for the automotive industry, according to those people.

Thyssenkrupp rose as much as 5.7 percent in Frankfurt, the steepest intraday gain in more than a week. The shares are up around 12 percent this year, valuing the company at about $4.4 billion.

India’s JSW Steel Ltd. and buyout firm CVC Capital Partners have also expressed interest