Thyssen appoints Deutsche to manage sale of VDM unit - sources

FRANKFURT, July 25 Fri Jul 25, 2014 4:27am EDT

Related Topics

FRANKFURT, July 25 (Reuters) - German steelmaker ThyssenKrupp has picked Deutsche Bank to manage the sale of its high-performance alloy unit VDM as it renews efforts to draw a line under an ill-fated venture, two people familiar with the matter said.

The sales process is not expected to start until more restructuring measures have been take at VDM. Thyssen may even decide to keep the asset if offer prices remain significantly below its book value, the people added.

The steelmaker was forced to take back VDM and Italian steel plant Terni - valued at a combined 950 million euros ($1.28 billion) - from Outokumpu last year.

ThyssenKrupp and Deutsche Bank declined to comment. ($1 = 0.7427 Euros) (Reporting by Arno Schuetze; Editing by Kirsti Knolle)

FILED UNDER: