leadf
logo-loader
viewProactive Group

Indian-owned Tata Steel and Germany’s Thyssenkrupp have confirmed plans for a merger

In a statement today, Thyssenkrupp said the pair have signed a memorandum of understanding (MoU) to combine their European steel operations in a 50-50 joint venture

Steel mill
The German company said the combination will lead to annual synergies of 400-600mln euros, adding that up to 4,000 jobs would have to be cut

Indian-owned Tata Steel – which owns the remnants of British Steel in the UK – and Germany’s Thyssenkrupp have confirmed plans for a merger.

In a statement today, Thyssenkrupp said the pair have signed a memorandum of understanding (MoU) to combine their European steel operations in a 50-50 joint venture.

The German company said the combination will lead to annual synergies of 400-600mln euros, adding that up to 4,000 jobs would have to be cut, about 8% of the joint workforce.

Merger talks are understood to have started around 18 months ago after Tata – which owns the Port Talbot Steel Works in South Wales - decided not to sell its UK steel business.

Tata hit the headlines last year when it put its entire UK operations up for sale amid a deteriorating industry environment.

But the Indian-owned firm put its plans on hold after pledges of support from the UK government and an agreement to restructure its hefty pension scheme.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Loop Insights getting ready to rumble as platform wallet being used by the...

Loop Insights (CVE: MTRX- OTCQB: RACMF) CEO Rob Anson joined Steve Darling from Proactive with big news that Loop's Wallet pass platform will engage global boxing fans during the WBC super-middleweight championship fight, featuring champion Saul "Canelo" Alvarez and challenger Avni...

11 hours, 7 minutes ago

2 min read