Friday, December 10, 2004

Iran to pull out of ThyssenKrupp

IranMania News: "Iran to pull out of ThyssenKrupp

Friday, December 10, 2004 - ©2004 IranMania.com

LONDON, Dec 10 (IranMania) - Iran is to sell its stake in the German heavy industry giant ThyssenKrupp in the medium term after pressure from the United States forced a representative from Tehran off the company's supervisory board, the Financial Times Deutschland reported on Friday.

"There is no sense in keeping hold of our stake, since we can no longer control our investment," the newspaper quoted a source close to the Iranian public holding company IFIC as saying.

There were no concrete plans to sell the stake just yet. But if the price were right, there was nothing opposing a sale, the source was quoted as saying.

At current market prices, Iran's 4.5-percent stake in ThyssenKrupp would be worth around 357 mln euros ($470 mln), FT Deutschland estimated.

On Thursday, it emerged that the Iranian government's official on ThyssenKrupp's supervisory board -- the deputy minister for economic and international affairs Mohamad-Mehdi Navab-Motlagh -- was not standing for re-election at the German company's upcoming annual shareholders meeting on January 21.

ThyssenKrupp itself made no comment on the matter. But press reports suggested the move was a result of pressure from the US, which was threatening to exclude the German steel and engineering giant from public contracts if Iran did not give up its seat on the board.

"We're not happy with the way we're being treated," the newspaper quoted the IFIC source as saying."

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