Agence France-PresseMarch 11, 2014 06:00
German heavy industry giant ThyssenKrupp said Tuesday it is abandoning plans to sell its rail and construction activities after failing to secure sufficient offers.
Instead, ThyssenKrupp will close down the rail unit and lay off hundreds of employees, but the construction equipment unit will be kept, the company said in a statement.
"After an intensive exploratory phase, purchase bids have been reviewed and talks held with potential buyers over the past few weeks. None of the bids met the financial expectations of ThyssenKrupp," the statement said.