Thyssenkrupp, Tata Steel set to get EU regulators warning on steel JV: Report

The joint venture, announced in June last year, is the biggest shake-up in Europe's steel industry in more than a decade.

By PTI  
Monday, February 11, 2019

EU antitrust regulators will likely warn this week Germany's Thyssenkrupp and India's Tata Steel about their landmark joint venture unless they take action in order to prevent the move by offering concessions, people familiar with the matter said on Monday.

The European Commission is expected to send a charge sheet known as a statement of objections to the companies, the people said. Such documents set out serious competition concerns which companies have to address with specific concessions or see their deal blocked.

The joint venture, announced in June last year, is the biggest shake up in Europe's steel industry in more than a decade. To be named Thyssenkrupp Tata Steel, the entity will have around 48,000 workers and about 17 billion euros (USD 19.2 billion) in sales.

The EU competition enforcer opened an indepth investigation into the deal in October last year and singled out issues in steel for car parts, packaging such as food and aerosol cans and electrical steel for engineering products including transformers.

The Commission did not immediately respond to a request for comment.

Also Read: Indian-origin Shanker Singham drafts UK-EU post-Brexit trade proposals.

Also Read:Don't let Huawei help set up 5G, US warns EU nations.

Related Stories

Walmart pumps in Rs 763 crore in Flipkart-owned PhonePe to counter Amazon, Google
Walmart pumps in Rs 763 crore in Flipkart-owned PhonePe to counter Amazon, Google
MakeMyTrip files suit against EaseMyTrip over trademark violation
MakeMyTrip files suit against EaseMyTrip over trademark violation
'Our parents had no money, they only gave us idealism': Subroto Bagchi writes motivational letter to Mindtree employees
'Our parents had no money, they only gave us idealism': Subroto Bagchi writes motivational letter to Mindtree employees

Latest Stories

Karnataka Bank reports Rs 13.26 crore fraud to RBI
Karnataka Bank reports Rs 13.26 crore fraud to RBI
PM Modi, Amit Shah and Yogi to address rallies in all phases in West Bengal
PM Modi, Amit Shah and Yogi to address rallies in all phases in West Bengal
Shatrughan Sinha slams PM Modi for deliberately removing LK Advani
Shatrughan Sinha slams PM Modi for deliberately removing LK Advani
SPONSORED