LONDON, March 5 (Reuters) - U.S. investment fund Flacks Group would be "ready to bid" for the steel division of Germany's Thyssenkrupp should current efforts to sell it fail, its Chief Executive Michael Flacks told Reuters on Thursday.

Shares in Thyssenkrupp turned positive on the news to trade 1.5% higher at 1415 GMT.

(Reporting by Andres Gonzalez; writing by Christoph Steitz; Editing by Toby Chopra)