According to Reuters, Thyssenkrupp on Thursday, August 22, stated it was filing a complaint with a European court to dispute an antitrust decision that blocks a planned joint venture with Tata Steel.
The complaint to the General Court of the European Union—seen as a symbolic move—comes after the Commission in June vetoed plans to create Europe’s second-biggest steelmaker, fearing it would overly hurt competition.
The Commission was most concerned about the two companies’ combined position in the area of automotive and packaging steel, resulting in a remedy proposal Thyssenkrupp said would have been sufficient. Brussels disagreed.
“In its competitive assessment of the product groups of packaging steel and hot-dip galvanized steel for the automotive industry, the Commission has for the first time set out a restrictive market definition that unduly extends the scope of the existing competition law,” Thyssenkrupp said in a statement.
It was already clear in early May that Brussels would block the deal, causing a strategic U-turn at the group which includes a planned stock market listing or sale of its elevators division.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI