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Thyssenkrupp & Tata Steel see little room for more concessions -Report-The 20th China (Guangzhou ) Int’l Casting product Exhibition
4/10/2019 - casting expo-Die-casting expo-foundry expo |
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Reuters, citing a person familiar with the matter, reported that Thyssenkrupp and Tata Steel see little scope for making more concessions to try to win regulatory approval for a planned joint venture, casting doubt over whether the deal will go ahead. The source said “Companies’ concessions included selling two hot-dip galvanizing plants in Spain and Belgium that supply the automotive industry. They also proposed selling packaging steel activities operated by Tata Steel in Britain and Belgium. Groups would not make far-reaching concessions that would question the entire joint venture, which was set up to reduce overcapacity and create a stronger and more competitive player.”
A second source with direct knowledge of the matter, said selling Galmed, Thyssenkrupp’s hot-dip galvanizing line in Spain, would not be enough to win over the Commission as it also has concerns in markets such as Germany, France and the Benelux countries.
However, the source added that EC has dropped its concerns in the area of electrical steel.
The source also said “The planned joint venture is targeting EUR 400-500 million in annual synergies, a goal that would still be achievable under the proposals made on Monday.”
Thyssenkrupp and Tata Steel, which have been working for three years on a deal that would create Europe’s second-biggest steelmaker, submitted proposals to the European Commission on Monday aimed at addressing its concerns over the deal’s impact on competition. Along with packaging, automotive steel has been one of the areas of competitive concern for the Commission. The Commission has until June 5 to review the firms’ proposals and make a decision. 鑄件展-鑄件采購會-國際鑄件展-2019第二十屆廣州國際鑄件展會-巨浪展覽 -The 20th China (Guangzhou ) Int’l Casting product Exhibition -Casting product Exhibition, 2019 casting product Exhibition, China Casting product Exhibition, Casting Exhibition, China Casting Exhibition, 2019 Casting Exhibition, Casting product Expo, 2019 casting product Expo, China Casting product Expo, Casting Expo, China Casting Expo, 2019 Casting Expo, |
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