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Thyssenkrupp, Tata Steel may need asset sales to get EU nod for JV

ThyssenKrupp and Tata Steel on Saturday agreed to merge their European steel activities into a 50-50 joint venture, creating the continent's No.2 steelmaker after ArcelorMittal

Reuters  |  FRANKFURT/DUESSELDORF/LONDON 

Top managers at Thyssenkrupp and Tata Steel have reached out to the European Commission to seek approval for a landmark joint venture deal, with legal experts and analysts saying they might have to sell assets to get it. Thyssenkrupp and Tata Steel on Saturday agreed to merge their European steel activities into a 50-50 joint venture, creating the continent's No.2 steelmaker after ArcelorMittal with 17 billion euros ($20 billion) in combined sales. Informal talks with European Competition Commissioner Margrethe Vestager began a few weeks ago and will likely address the issue ...

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First Published: Wed, July 04 2018. 23:31 IST
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