GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Thyssenkrupp to Set up Working Group With Unions Over Tata Steel Merger

The meeting was held after Thyssenkrupp top management's move this week to sign a memorandum of understanding with Tata Steel for a 50-50 joint venture.

Reuters

Updated:September 23, 2017, 11:07 PM IST
facebookTwittergoogleskypewhatsapp
Thyssenkrupp to Set up Working Group With Unions Over Tata Steel Merger
The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen, Germany, November 24, 2016. (REUTERS/Wolfgang Rattay)
Loading...
Frankfurt: Thyssenkrupp AG is to set up a joint working group of board members and labour representatives to help implement the plan to merge with Tata Steel, it said in a statement on Saturday, issued after a supervisory board meeting.

The meeting was held after Thyssenkrupp top management's move this week to sign a memorandum of understanding with Tata Steel for a 50-50 joint venture.

If approved, it would create Europe's second-biggest steelmaker after ArcelorMittal, with combined sales of about 15 billion euros.

The working group will consist of members of the executive boards of Thyssenkrupp AG, Thyssenkrupp Steel Europe, which is the unit for the steel activities within the wider group, representatives of Thyssenkrupp's works councils and the works councils of the steel sites, the statement said.

The working group will be headed by Markus Grolms, deputy chairman of the supervisory board of Thyssenkrupp AG and Oliver Burkhard, member of the executive board of Thyssenkrupp AG, where he is chief human resources officer, it said.

Thyssenkrupp AG Chief Executive Heinrich Hiesinger depends on the support of labour representatives, who hold half of the 20 seats on the group's supervisory board and have fiercely opposed the deal with Tata Steel.

On Friday, several thousand steel workers took to the streets of Bochum in Germany's industrial heartland to protest against the deal, which would include up to 4,000 job cuts, about 8 percent of the combined workforce.

Opposition from Thyssenkrupp's workforce could mean prolonged negotiations with management and delay any approval of the plan by the supervisory board, scheduled for early next year.

If all labour representatives on the supervisory board vote against the plans, its chairman Ulrich Lehner could still push them through with his casting vote but it is Hiesinger's declared goal to get labour leaders to agree.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 203.65 6.62
Jet Airways 321.65 -7.17
Reliance 1,141.00 1.21
Axis Bank 613.30 -1.05
ICICI Bank 362.95 -1.25
Company Price Change %Gain
Grasim 854.10 2.52
Yes Bank 203.70 6.48
Jet Airways 322.15 -7.12
Bharat Fin 943.20 1.84
Reliance 1,141.10 1.21
Top Gainers
Company Price Change %Gain
Yes Bank 203.65 6.62
Hindalco 235.85 2.57
Grasim 852.75 2.51
Tata Motors 184.00 2.28
Vedanta 211.65 2.35
Company Price Change %Gain
Yes Bank 203.75 6.51
Tata Motors 184.10 2.62
Vedanta 211.70 2.42
ITC 281.10 1.76
Sun Pharma 528.05 1.63
Top Losers
Company Price Change %Gain
Indiabulls Hsg 744.00 -2.90
GAIL 332.05 -2.97
HPCL 239.60 -1.66
ONGC 154.00 -1.50
ICICI Bank 362.90 -1.27
Company Price Change %Gain
ONGC 154.20 -1.50
Bharti Airtel 329.00 -1.38
ICICI Bank 362.85 -1.24
Adani Ports 343.25 -0.98
Axis Bank 612.80 -0.89

Live TV

Loading...
Loading...