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European Commission prohibits proposed JV between Tata Steel and thyssenkrupp

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announced that the on 11 June 2019, formally announced its decision to prohibit the proposed European joint venture between and AG.

Both companies, in statements on May 10, 2019, anticipated that the would 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. 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.

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

First Published: Wed, June 12 2019. 10:31 IST