INSUBCONTINENT EXCLUSIVE:
after the European Commission has raised many objections to the deal
Tata Steel Europe and Thyssenkrupp had signed definitive agreements on June 30, 2018 to create a 50:50 pan-European joint venture
"The European Commission on Friday discussed the proposed joint venture with both Thyssenkrupp and Tata Steel Europe.Based on the feedback
received from the Commission, it is increasingly clear that the Commission is not intending to clear the proposed JV as it expects
based on the statement of objections published by the Commission, a comprehensive package of remedies was offered covering all the areas of
the integrated and complex nature of the supply chain to service customers and the need to build a sustainable business which would be able
test it has undertaken suggests that it is unlikely to clear the proposal in spite of the significant remedies offered," Tata Steel said.It
further said further commitments or improvements to the remedy package would adversely affect the basic foundation of the proposed joint
venture and the intended synergies arising from the merger to such an extent that the economic logic of the joint venture would no longer be
important strategic initiative for it to create a sustainable portfolio in Europe that would have also helped to de-consolidate the European
business and de-leverage its balance sheet, the company is committed to the strategy and would explore all options to achieve similar
continue to focus on its performance management to enhance its earnings and cash flows to build a sustainable and self-sustaining future for
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