Thyssenkrupp, Tata Steel merge Europe operations
Deal will create the continent's second largest steelmaker after ArcelorMittal
Essen, Germany
GERMANY'S Thyssenkrupp and India's Tata Steel agreed on Wednesday to merge their European steel operations in a preliminary deal that would create the continent's No 2 steelmaker after ArcelorMittal.
The deal will not involve any cash, Tata Steel said, adding that both groups would contribute debt and liabilities to achieve an equal shareholding and remain long-term investors.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold prices drift higher as Fed stands pat on key interest rate
Oil falls to 7-week low on surprise US storage build, Middle East hopes
US, Philippines eye agreement to cut China nickel dominance
Oil eases on higher US crude output, hopes of Israel-Hamas ceasefire
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains