associate sponsors


Thyssenkrupp signals steel merger decision by end Sept -works council | Reuters

DUISBURG, Germany Germany's Thyssenkrupp wants to decide by the end of September whether to pursue a European steel merger with India's Tata Steel, the head of its steel works council said on Thursday.Guenter Back told reporters that Chief Financial Officer Guido Kerkhoff had said the company would decide by the end of the 2016/17 fiscal year whether to proceed, after more than a year of talks that have been complicated by the UK Brexit vote.

"The ghost must be laid to rest," he said.Thyssenkrupp declined to comment.

Thyssenkrupp and Tata are keen to combine their European operations in a 50/50 joint venture to remove overcapacity from the market and cut costs. Thyssenkrupp's operations are mainly in Germany, while Tata's are in Britain and the Netherlands.

A condition of any deal is that Tata finds a solution for its 15 billion-pound ($19 billion) UK pension scheme, which is heavily in deficit. It is unclear whether a recent deal to separate the pension from operations is sufficient. ($1 = 0.7895 pounds) (Reporting by Tom Kaeckenhoff; Writing by Georgina Prodhan; Editing by Maria Sheahan)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Jun 22, 2017 21:25 PM

Also Watch

Firstpost in Russia: Moscow to St. Petersburg, on a free World Cup train
  • Monday, July 2, 2018 Social Media Star: Richa Chadha, Kunal Kamra talk about their political views, and why they speak their mind
  • Tuesday, June 26, 2018 It's A Wrap: Swara Bhasker talks about Veere Di Wedding and Twitter trolls, in conversation with Parul Sharma
  • Tuesday, June 19, 2018 Rahul Gandhi turns 48: Congress chief, who once said 'power is poison', should focus on party rather than on 'hate Modi' mission
  • Monday, June 4, 2018 It's A Wrap: Bhavesh Joshi Superhero makers Anurag Kashyap, Vikramaditya Motwane in conversation with Parul Sharma

Also See