• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 113
    BJP 110
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 68
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

European business merger talks continue with Thyssenkrupp, says Tata Steel

By: | Published: September 14, 2017 3:29 PM

Tata Steel today said a final decision on merging its European business with German major Thyssenkrupp is yet to be taken as the "strategic discussions" are still continuing.

tata steel merger, tata steel partnership, tata company, tata steel company, tata steel thyssenkrupp merger, Thyssenkrupp company, Thyssenkrupp european company, industry newsOn September 11, Tata Steel had announced that it has concluded a new agreement under which its UK business stands separated from British Steel Pension Scheme. (Reuters)

Tata Steel today said a final decision on merging its European business with German major Thyssenkrupp is yet to be taken as the “strategic discussions” are still continuing. Both the companies have been in discussion for a merger of their steel businesses for almost over a year. “Tata Steel would like to clarify that it continues to be in strategic discussions with Thyssenkrupp,” the Indian steel major said in a statement.

The clarification has come in the wake of media reports saying Thyssenkrupp and Tata Steel may sign a Memorandum of Understanding (MoU) this month. Tata Steel said: “The talks are currently ongoing and a decision regarding the same would be taken upon completion of the above discussions.” On September 11, Tata Steel had announced that it has concluded a new agreement under which its UK business stands separated from the 15-billion pound British Steel Pension Scheme (BSPS).

“Tata Steel UK has received confirmation from the pensions regulator that it has approved a regulated apportionment arrangement (RAA) in respect of BSPS,” it had said. The pact, signed by Tata Steel with the trustee of the BSPS, will pave the way for the Indian steel major’s merger with ThyssenKrupp. The merger would create the second largest steel maker in Europe.

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