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Exclusive: Trade union sets deadline in talks over Thyssenkrupp-Tata venture

Reuters  |  DUESSELDORF 

DUESSELDORF (Reuters) - IG Metall has given until Dec. 22 to agree to job, plant and investment guarantees for a chance of winning the powerful German trade union's backing of the planned European with

"We are putting an end to this process of playing for time. We will negotiate until Dec. 22 and that will be the end," labour representative Detlef Wetzel, who is also deputy supervisory board chairman of Europe, told on Monday.

"If there is a negotiation outcome by then we will let IG Metall members vote on it."

The deadline puts further pressure on Chief Executive Heinrich Hiesinger, whose plan to merge the group's European business with that of India's is seen as the centrepiece of his efforts to turn around the company.

Hiesinger hopes to reach a final deal with in early 2018 but that depends on whether he can get it through Thyssenkrupp's supervisory board, where labour representatives have called for job and plant guarantees of 10 years.

Labour representatives hold half of the 20 seats on Thyssenkrupp's supervisory board, and while a deal can still be pushed through without their consent, their approval could significantly smooth the transaction.

(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Ludwig Burger)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 19:43 IST