EU: Kone looks at options for potential Thyssenkrupp elevator deal

EU: Kone looks at options for potential Thyssenkrupp elevator deal

Finland’s Kone is assessing the viability of a bid for Thyssenkrupp’s 14 billion euro ($15.7 billion) elevators division even as the German conglomerate pursues plans to list it, four people familiar with the matter said. Thyssenkrupp last week ditched a plan to spin off its capital goods business after months of shareholder criticism, and opted […]

EU: ThyssenKrupp, Tata Steel offer concessions

EU: ThyssenKrupp, Tata Steel offer concessions

Thyssenkrupp and Tata Steel have offered concessions to address EU antitrust concerns about their planned steel joint venture, the European Commission said on Tuesday. The EU competition regulator, which did not provide details of the concessions, extended its deadline for a decision on the deal to June 5 from May 13. It has previously voiced […]

EU: ECJ clears German green charge exemption

EU: ECJ clears German green charge exemption

Germany acted legally when it exempted heavy industry from a green energy surcharge in 2012, the European Union’s top court said on Thursday, overturning a decision by the EU antitrust regulator and annulling EU orders to recover the aid. The European Commission, which is responsible for competition policy, had ordered Germany in 2014 to recoup […]

EU: Thyssen, Tata deal in trouble: sources

EU: Thyssen, Tata deal in trouble: sources

According to an exclusive from Reuters Thyssenkrupp and Tata Steel will not go very far in concessions to gain approval for a planned steel venture. Reuters quoted four people familiar, adding their offer might not be enough to satisfy the European Commission. The two companies last year struck a deal to combine their European steel […]

Germany: Thyssenkrupp employees will not support Tata deal

Germany: Thyssenkrupp employees will not support Tata deal

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 […]

EU: Thyssenkrupp, Tata Steel will receive statement of objections soon

EU: Thyssenkrupp, Tata Steel will receive statement of objections soon

Thyssenkrupp expects to receive in the course of the week a statement of objections from the European Commission regarding its planned joint venture with Tata Steel, it stated in e-mailed comments. People familiar with the matter told Reuters that the charge sheet, which details areas of concern that need to be addressed for the deal […]

EU: Tata Steel, ThyssenKrupp planned joint venture probed

EU: Tata Steel, ThyssenKrupp planned joint venture probed

The European Commission announced that it was investigating whether a planned joint venture between Indian steelmaker Tata Steel and Germany’s ThyssenKrupp could reduce competition in the high-end steel sector. Tata Steel and ThyssenKrupp are major producers of flat carbon steel and electrical steel with significant production facilities in Germany, the Netherlands, and Britain, the New […]

EU: EC announces steel merger probe: ThyssenKrupp releases plans to split

EU: EC announces steel merger probe: ThyssenKrupp releases plans to split

The European Commission announced on Thursday, September 27, that it is launching a probe into the merger between Indian Tata Steel and German ThyssenKrupp in order to determine how the agreement will affect competition. If the merger is approved, the new company will control roughly 27% of the European market for flat steel, making it […]

Germany: Thyssenkrupp and Tata to become Europe’s second-biggest steelmaker

Germany: Thyssenkrupp and Tata to become Europe’s second-biggest steelmaker

One of Germany’s oldest industrial giants has agreed to a merger deal with one of India’s biggest steelmakers. Thyssenkrupp sought the deal as a way to overcome challenges caused by cheap Chinese steel, reported the Deutsche Welle. Thyssenkrupp’s supervisory board signed off on Friday on a planned merger of the company’s steelmaking business with India’s […]

Germany: ThyssenKrupp defends Tata steel merger

Germany: ThyssenKrupp defends Tata steel merger

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 […]