According to Reuters, labor leaders holding seats on Thyssenkrupp’s supervisory board will not support a planned joint venture with Tata Steel if concessions in ongoing antitrust proceedings go too far.
Thyssenkrupp and Tata Steel are planning to combine their European steel activities to create the continent’s No. 2 steelmaker after ArcelorMittal, raising concerns that far-reaching remedies are required to secure antitrust approval.
The European Commission is expected to outline its competitive concerns about the merger this week, calling on the two firms to offer compromises to avert a potential veto.
“We won’t support a merger at any price,” Markus Grolms, vice chairman of Thyssenkrupp’s supervisory board and secretary at IG Metall, Germany’s biggest labor union, told Reuters on Wednesday, February 13.