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Handelsblatt: German government does not hold talks about TKMS stake

Handelsblatt, citing sources in the government, reported Wednesday that the new German government has not yet entered into any discussions aimed at acquiring a share in Thyssenkrupp’s defence division TKMS.

According to the report the Chancellery and the Ministries involved have agreed to not push for state involvement in this period.

The German economy and defense ministries have not responded to email requests for comments.

Thyssenkrupp didn't immediately respond to an email or phone call seeking comment.

Handelsblatt reported that the government would instead seek to establish a "security accord" in order to protect national security and jobs despite a spinoff. This agreement would require regular consultations.

Handelsblatt reported that the agreement would include a government right of refusal in the event a strategic shareholder wanted to purchase TKMS. However, this is not expected.

Thyssenkrupp said that in the past, government participation was not a precondition to any divestment from TKMS. The planned spin-off will go ahead without it. (Reporting and Writing by Anneli Palmer, Miranda Murray; Editing Kim Coghill & Lincoln Feast).

(source: Reuters)