ThyssenKrupp deal new start for Tata Steel

Some gains already factored in but further re-rating likely

What started as a mega acquisition by an Indian company to attain global scale ranking as the world’s fifth largest steel maker has ended in a joint venture (JV) that will be the second largest in Europe.
 
Tata Steel’s acquisition of the Corus group in 2007 for £6.7 billion in enterprise value soon faced headwinds, following the global crises forcing it to cut costs, sell loss-making units, infuse capital and enhance profitability. Ten years later, after much restructuring and effort, Tata Steel is making a new start, with signing of a memorandum of understanding (MoU) for a JV between