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thyssenkrupp Files Complaint Over Brussels Veto on Tata JV - Report

Steel News - Published on Fri, 23 Aug 2019

Image Source: Reuters UK
Reuters reported that thyssenkrupp was filing a complaint with a European court to dispute an antitrust decision that blocks a planned joint venture with Tata Steel. The complaint to the General Court of the European Union seen as a symbolic move comes after the Commission in June vetoed plans to create Europe’s second-biggest steelmaker, fearing it would overly hurt competition. The Commission was most concerned about the two companies’ combined position in the area of automotive and packaging steel, resulting in a remedy proposal Thyssenkrupp said would have been sufficient. Brussels disagreed.

Thyssenkrupp said in a statement that “In its competitive assessment of the product groups of packaging steel and hot-dip galvanized steel for the automotive industry, the Commission has for the first time set out a restrictive market definition that unduly extends the scope of the existing competition law.”

It was already clear in early May that Brussels would block the deal, causing a strategic U-turn at the group which includes a planned stock market listing or sale of its elevators division.

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Posted By : Ratan Singh on Fri, 23 Aug 2019
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