Thyssenkrupp labour boss affirms opposition to Tata merger
Under the deal, Tata will plough 550 million pounds into the British Steel Pension Scheme (BSPS)
 "Thyssenkrupp labour boss affirms opposition to Tata merger")
Tata Steel's latest pensions deal in Britain does not lessen Thyssenkrupp workers' opposition to a possible merger of the two companies' European steel operations, said Thyssenkrupp's works council chief.
"Now a joint venture really doesn't make any sense," Wilhelm Segerath told Reuters on Wednesday.
Tata on Tuesday agreed to the main terms of a deal to cut benefits for its British pension scheme, which had been seen as a major stumbling block in the merger talks because Thyssenkrupp is opposed to taking on 15 billion pounds ($19.4 billion) in UK pension liabilities.
Under the deal, Tata will plough 550 million pounds into the British Steel Pension Scheme (BSPS). At the same time, Tata will give the BSPS a 33 per cent equity stake in its UK business.
"That doesn't remove the risk posed by the pension liabilities," Thyssenkrupp's Segerath said.
($1 = 0.7739 pounds)