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Tata Steel's pension plan gets nod, clears way for JV

The pension scheme has been a major stumbling block in a possible merger with ThyssenKrupp

Reuters  |  Bengaluru/London/Frankfurt/ Duesseldorf 

Tata Steel has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday, paving the way for a possible merger between its British and European steel businesses and those of Germany’s Thyssenkrupp.   The pensions deal “represents the best possible structural outcome for the members of the British Steel Pension Scheme (BSPS) and for the Tata Steel UK business,” Koushik Chatterjee, group executive director, said. The net impact of the deal would be reflected in Tata Steel’s September-quarter financial results, he ...

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First Published: Sat, August 12 2017. 01:45 IST