German heavy industry giant ThyssenKrupp on Thursday, November 23, defended its disputed merger with India’s Tata Steel, saying its restructuring plan and the tie-up would help to secure tens of thousands of jobs.
The tie-up, announced end-September to form Europe’s second-biggest steel works after ArcelorMittal, has sparked fears for 4,000 jobs in production and administration that hang in the balance.
On Thursday, thousands of workers, some holding up signs saying “We are the future,” answered a call by metal works union IG Metall to protest at the group’s Andernach site in western Germany.
But ThyssenKrupp chief executive Heinrich Hiesinger defended the merger and planned overhaul at the conglomerate, saying:, “We will perhaps cut thousands of jobs, but we will also secure tens of thousands of jobs with this co-enterprise.”
”The problem of overcapacity in Europe’s steel product remains unsolved, and we are convinced that this merger plan is the best solution to provide the means to become the number two in steel in Europe, and to generate synergies that we would not have been able to achieve on our own,” he said.
Full Content: The Hindu Business Line
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI