Europe: Tata Steel and ThyssenKrupp have signed agreements to merge their European steel businesses in a 50/50 joint venture. This follows the signing of a Memorandum of Understanding in September 2017. The proposed new company will be named ThyssenKrupp Tata Steel. The transaction is subject to merger control clearance in several jurisdictions, including the European. Until the merger completes, ThyssenKrupp Steel Europe and Tata Steel in Europe will still operate as separate companies and as competitors.
“The joint venture will create a strong pan European steel company that is structurally robust and competitive. This is a significant milestone for Tata Steel and we remain fully committed to the long-term interest of the joint venture company. We are confident that this company will create value for all stakeholders,” said Natarajan Chandrasekaran, chairman of Tata Steel.
