Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

European Union Blocks Tata Steel's Merger With Thyssenkrupp

The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel.

AFP

Updated:June 11, 2019, 5:34 PM IST
facebookTwitterskypewhatsapp
European Union Blocks Tata Steel's Merger With Thyssenkrupp
A European flag flutters near a red-white pole, marking the new geographical centre of the European Union in case of Brexit in Gadheim, Germany. (Image: Reuters)
Loading...

The EU's powerful anti-trust authority on Tuesday blocked the merger of German industrial conglomerate Thyssenkrupp with Indian steel giant Tata, an expected veto that kills the deal.

"We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a statement.

The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel.

The companies last month abandoned the merger on expectations that the EU would refuse the deal, with Thyssenkrupp announcing it would slash 6,000 jobs as a result, mainly in Germany.

The commission, the EU's executive arm, criticised the merger, which "would have reduced competition and increased prices for different types of steel," a statement said.

Proposed solutions "did not offer adequate remedies to address these concerns," it said.

Having shelved the plans and ruled out offering more concessions to Brussels in order to get a green light, Thyssenkrupp said it was now aiming for a stock market listing of its elevators business as part of a massive restructuring.

The failed tie-up contributed to dismal results posted by Thyssenkrupp last month, with a net loss of 86 million euros ($96 million).

The plunge into loss-making at the start of the year contrasted with a 250-million-euro profit in early 2018, reflecting the difficult context for global steel companies.

The European steel industry has been hit by a wave of problems, including overcapacity, cheap Asian imports and punishing US tariffs.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Lombard 1,102.00 -6.26
Reliance 1,295.85 2.65
Axis Bank 781.65 2.46
Indiabulls Hsg 621.55 0.40
Tata Steel 498.00 2.42
Company Price Change %Gain
Reliance 1,295.80 2.63
Indiabulls Hsg 621.75 0.42
Yes Bank 110.05 -1.70
ICICI Lombard 1,102.10 -6.40
Tata Steel 497.60 2.36
Top Gainers
Company Price Change %Gain
JSW Steel 267.05 3.59
BPCL 393.10 3.22
Reliance 1,295.85 2.65
Axis Bank 781.65 2.46
Tata Steel 498.00 2.42
Company Price Change %Gain
Reliance 1,295.80 2.63
NTPC 138.90 2.51
Axis Bank 781.85 2.49
Tata Steel 497.60 2.36
Power Grid Corp 201.55 1.31
Top Losers
Company Price Change %Gain
Yes Bank 110.05 -1.70
Bharti Infratel 269.80 -1.10
Asian Paints 1,363.10 -0.95
IndusInd Bank 1,449.65 -0.81
Tech Mahindra 724.35 -0.54
Company Price Change %Gain
Yes Bank 110.05 -1.70
Asian Paints 1,363.20 -0.96
IndusInd Bank 1,450.05 -0.73
HUL 1,756.35 -0.42
Larsen 1,535.05 -0.41

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results