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Tags: EU | Germany | Thyssenkrupp | Tata | Steel

European Steel Merger Derailed by Antitrust Regulators

Friday, 10 May 2019 07:39 AM EDT

FRANKFURT, Germany (AP) — Steelmaking giant Thyssenkrupp of Germany says it expects European antitrust regulators to block its plan to combine its European operations with India's Tata Steel.

Thyssenkrupp said in a statement Friday that the companies had offered changes to address the European Commission's concerns but that hadn't been enough.

The Essen-based company said further concessions would weaken the venture so that it would no longer make business sense.

Shares in Thyssenkrupp soared almost 20% on the news. Tata Steel fell less than 1%.

Thyssenkrupp responded to the rebuff by announcing a restructuring to increase profits. That included a proposal from management to hold a share offering for its elevator business. The company also said it would abandon a plan to split itself into two companies that would hold shares in each other.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Steelmaking giant Thyssenkrupp of Germany says it expects European antitrust regulators to block its plan to combine its European operations with India's Tata Steel.Thyssenkrupp said in a statement Friday that the companies had offered changes to address the European...
EU,Germany,Thyssenkrupp,Tata,Steel
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2019-39-10
Friday, 10 May 2019 07:39 AM
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