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ThyssenKrupp positive over Tata Steel deal, sees room for EU agreement

Tata Steel and ThyssenKrupp have proposed combining their steel operations in Europe to form the region's second-biggest steelmaker

Reuters  |  Duesseldorf, Germany 

ThyssenKrupp
The landmark deal has not yet been approved because of concerns about its impact on competition

said on Sunday it still saw scope for agreement with on a planned joint venture with despite a Financial Times report that Brussels was likely to block the deal.

and have proposed combining their steel operations in Europe to form the region's second-biggest steelmaker. However, the landmark deal has not yet been approved because of concerns about its impact on competition.

Earlier on Sunday, the Financial Times reported that EU antitrust regulators were concerned the deal would lead to less choice and higher prices for steel and were increasingly likely to block it unless the offered greater concessions.

A spokesman said: "The Competition Commission has taken the reworked commitments proposed by ThyssenKrupp and as an opportunity to conduct another market test."

"There are still a number of ways to adjust our commitments without compromising the commercial logic of the joint venture."

Late last month, the European Commission extended the deadline for reviewing the planned joint venture by seven working days until June 17.

ThyssenKrupp said further talks were planned with EU Competition Commissioner Margrethe Vestager in the coming week.

 

 

First Published: Sun, May 05 2019. 15:36 IST
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