Huge setback for Tata Steel abroad! EU launches in-depth probe into its merger with Germany steel firm; here’s why

The European Union on Tuesday launched an in-depth probe into the proposed creation of a joint venture between Tata Steel of India and Germany's ThyssenKrupp, saying it could reduce competition.

Written by AFP

Brussels

October 30, 2018 22:18 IST

tata steel, Tata Steel abroad, Germany steel firm, European Commission, ThyssenKrupp

"At this stage, the commission is concerned that, following the transaction, customers would face a reduced choice in suppliers, as well as higher prices," the European Commission, the bloc's executive arm, said in a statement.

The European Union on Tuesday launched an in-depth probe into the proposed creation of a joint venture between Tata Steel of India and Germany’s ThyssenKrupp, saying it could reduce competition. “At this stage, the commission is concerned that, following the transaction, customers would face a reduced choice in suppliers, as well as higher prices,” the European Commission, the bloc’s executive arm, said in a statement.

(More details are awaited.)

This article was first uploaded on October thirty, twenty eighteen, at eighteen minutes past ten in the night.