FRANKFURT, July 25 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)