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EU formally blocks Thyssenkrupp-Tata Steel joint venture

ANI 

on Wednesday said the has formally announced its decision to prohibit its proposed European joint venture with AG.

The aim of the merger was to create the second largest European company behind multinational giant and to join forces in the face of surging Chinese steel. But the EU antitrust regulators said the deal would have pushed up prices and reduced competition.

"We prohibit the merger to avoid serious harm to European industrial customers and consumers," EU said in a statement.

"Steel is a crucial input for many things we use in our everyday life such as and cars. Millions of people in work in these sectors and depend on competitive to sell on a global level," she said.

On May 10, both said they anticipated the will not clear the proposed joint venture despite both parties offering a comprehensive package of remedies addressing the concerns of the commission.

"noted with deep disappointment the conclusions of the commission," it said in a statement on Wednesday.

"The company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its balance sheet and working towards creating a sustainable portfolio in Europe," said

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 12 2019. 12:17 IST
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