EU regulator blocks Thyssenkrupp-Tata Steel merger
2019-06-13 10:55:46 [Print]
On June 11, EU antitrust regulators rejected Thyssenkrupp and Tata Steel's plan to form a landmark joint venture because they are concerned that the deal would have pushed up prices and reduced competition.
The European Commission said the companies, which had looked to the deal as one way to tackle overcapacity and other challenges in the steel industry, had not done enough to allay its concerns.
The Commission said imports from third countries would not have been able to offset potential price hikes resulting from the deal.
ThyssenKrupp and Tata Steel last month flagged the EU veto after they declined to offer further concessions to address regulators' concerns.
The European Commission said the companies, which had looked to the deal as one way to tackle overcapacity and other challenges in the steel industry, had not done enough to allay its concerns.
The Commission said imports from third countries would not have been able to offset potential price hikes resulting from the deal.
ThyssenKrupp and Tata Steel last month flagged the EU veto after they declined to offer further concessions to address regulators' concerns.
