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Thyssenkrupp labour boss affirms opposition to Tata merger

Under the deal, Tata will plough 550 million pounds into the British Steel Pension Scheme (BSPS)

Reuters  |  Duessdeldorf, Germany 

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 ...

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First Published: Wed, May 17 2017. 12:54 IST