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Progress of merger of ThyssenKrupp and Tata Steel Europe

Progress of merger of ThyssenKrupp and Tata Steel Europe

Recently, Guido Kerkhoff, chief financial officer of ThyssenKrupp AG, Germany, said that the company is expected to sign an agreement with Tata Steel at the end of June to merge its steel business with Tata Steel Europe. The entire merger will be completed by the end of this year.

The two companies announced in September last year that they plan to merge their European operations, form a joint venture, and build the second largest steel manufacturer in Europe, second only to ArcelorMittal.

Guido Kaikohoff said that after signing the merger agreement, the company will submit the updated strategic plan to the EU anti-monopoly regulator. The specific timing of the merger will depend on the EU's anti-monopoly regulator's response. He said: “The EU’s anti-monopoly regulator has now gained a deeper understanding of the steel industry. Since the signing of the merger agreement to the end of the year, there are still six months to allow them to make appropriate judgments. In addition, compared to With the merger of Syracite and Riva Steel in Italy, the scale of our merger is much smaller."

"The formation of a joint venture is an ongoing process." Jens Overrath, chairman of ThyssenKrupp Electrical Steel, said: "At present, negotiations with UK trade unions are underway and they are expected to be within this year. End."

It is understood that the European Commission had previously postponed the merger plan of ArcelorMittal’s acquisition of Italian Riva Steel Company several times.

The Source: China Steel News Network

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