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EU regulators to rule on Thyssenkrupp & Tata Steel JV by October 30

The European Commission said that EU antitrust regulators will decide by October 30 whether to allow Germany’s Thyssenkrupp and India’s Tata Steel to create Europe’s No 2 steelmaker, on Wednesday. Thyssenkrupp and Tata Steel sought EU approval on Tuesday, according to a filing on the Commission website. Regulators can either wave the deal through with or without demanding concessions or open a full-scale investigation if they have deeper concerns.

The companies unveiled their plan for a steel joint venture in July after two years of talks, the sector’s biggest tie-up in more than a decade. Steelmakers are battling overcapacity and tariff hikes among other problems. The new entity, to be based in the Netherlands, will compete with ArcelorMittal.
Source : REUTERS
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