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Employees will not support Thyssenkrupp JV with Tata Steel at any price - Mr Markus Grolms

Steel News - Published on Thu, 14 Feb 2019

Image Source: Moneycontrol
Reuters reported that Mr Markus Grolms, vice chairman of Thyssenkrupp’s supervisory board and secretary at IG Metall Germany’s biggest labour union, said that labour leaders, who hold half the seats on Thyssenkrupp’s supervisory board, will not support a planned joint venture with Tata Steel if concessions in ongoing antitrust proceedings go too far. He said “We won’t support a merger at any price.”

Mr Grolms, without saying where the line would be drawn, said “We have always defined a red line with regard to the merger control proceedings. If this line is crossed we won’t give our support.”

Mr Grolms said Thyssenkrupp’s supervisory board, where labour representatives hold 10 of the 20 seats, would have to vote on the outcome of remedy negotiations between the company and the Commission.

Thyssenkrupp and Tata Steel are planning to combine their European steel activities to create the continent’s No. 2 steelmaker after ArcelorMittal, raising concerns that far-reaching remedies are required to secure antitrust approval. The European Commission is expected to outline its competitive concerns about the merger this week, calling on the two firms to offer compromises to avert a potential veto.

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Posted By : Ratan Singh on Thu, 14 Feb 2019
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