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Tata Steel to offer partial EU packaging sale for ThyssenKrupp JV approval – Report

Steel News - Published on Fri, 22 Mar 2019

Image Source: Indo Global Steel
Reuters, citing people familiar with the matter, reported that Tata Steel is likely to offer to sell parts of its European packaging activities to secure regulatory approval for a planned joint venture with Thyssenkrupp. The people said no final decisions have been made and remedy proposals could still change or be amended before the new April 1 deadline. The Commission aims to wrap up its antitrust investigation into Tata Steel and Thyssenkrupp’s tie-up by May 13.

Offering some packaging steel assets would address one of the areas that have been singled out by the Commission in its antitrust review. Under their deal, both companies would own about half of the European packaging steel market, industry sources have said.

Thyssenkrupp and Tata Steel last year agreed to combine their European steel activities in a 50-50 joint venture to cut overcapacity and create a more powerful challenger to market leader ArcelorMittal.

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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