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ThyssenKrupp won't be rushed on European steel tie-up with Tata Steel UK - CFO

Steel News - Published on Fri, 11 Aug 2017

Image Source: SteelGuru
Reuters reported that ThyssenKrupp will not be rushed into any deal with Tata Steel to merge their European steel businesses. Pouring cold water on investor hopes for a quick agreement ThyssenKrupp CFO Mr Guido Kerkhoff told journalists on Thursday, its chief financial officer said "Just because you might read at some point that Tata has a deal it doesn't mean we can stand up a week later and say Now we have a joint venture. It cannot work that way. We also prefer a fast solution but quality comes before time.”

He declined to say whether the group aimed for a deal before its fiscal year ends next month.

Britain's Sky News reported on Wednesday that Tata Steel was on the brink of detaching its British Steel pension fund from its UK operations, a precondition for any merger deal with ThyssenKrupp.

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Posted By : Sanju Moirangthem on Fri, 11 Aug 2017
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