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Tata Steel rules out IPO of merged business with Thyssen for 2-3 years

The memorandum of understanding the two companies signed has a lock-in period much longer than that, Narendran said

Reuters  |  BRUSSELS 

Tata Steel and Thyssenkrupp have no plans to spin off their pending European steel joint venture within the next two to three years, Tata's managing director said on Monday. The two companies announced last month a preliminary agreement to merge their European steel operations, creating the continent's second-largest steelmaker after ArcelorMittal, with revenues of 15 billion euros ($18 billion). Markets widely expect the longer-term aim of the merger is an initial public offering that would give the two companies a way to exit the volatile European steel business, ...

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First Published: Mon, October 16 2017. 21:32 IST