Thyssenkrupp to Challenge EU Decision to Block Tata Steel Merger
08 August 2019 - 02:43PM
Dow Jones News
By Olaf Ridder
Thyssenkrupp AG (TKA.XE) plans to challenge the European Union's
decision to block the company's failed steel business merger with
India's Tata Steel.
Although the companies no longer plan to pursue the merger,
Thyssenkrupp's Chief Executive Guido Kerkhoff said in a telephone
conference on Thursday that the aim was to prevent the European
Commission's arguments from becoming final.
The German company and Tata Steel called off the tie-up of their
steel businesses in the spring after EU Competition Commissioner
Margrethe Vestager demanded concessions from both sides which, in
the view of the companies, would have destroyed the economic logic
for the project.
Thyssenkrupp then took a complete strategic turn and cancelled a
plan to split in two.
Write to Olaf Ridder at olaf.ridder@wsj.com
(END) Dow Jones Newswires
August 08, 2019 08:28 ET (12:28 GMT)
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