FRANKFURT (Reuters) - Thyssenkrupp and Indian peer Tata Steel on Wednesday signed a memorandum of understanding (MoU) to combine their European steel operations in a 50-50 joint venture, the German company said in a statement on Wednesday.
The combination will lead to annual synergies of 400-600 million euros ($480-720 million), Thyssenkrupp said, adding that up to 4,000 jobs would have to be cut in the joint venture, about 8 percent of the joint workforce.
($1 = 0.8328 euros)
(Reporting by Christoph Steitz; Editing by Georgina Prodhan)
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