The merger of the steel divisions of Thyssenkrupp and the Indian rivals Tata and the associated splitting of the group is cancelled. We expect that the EU-Commission informed of the merger under the forecast, Thyssenkrupp. There are ongoing concerns of the Commission, it was said to the grounds. The Board of management have therefore assessed the “strategic options for the company,” and will propose to the Supervisory Board, the proposed division to cancel, said Thyssenkrupp.
Both companies wanted to make no new Commitments or improvements, because otherwise the desired synergy effects would be severely affected. Instead, the group intends to align itself for a fundamental re – to a “more streamlined Holding structure belong among others”. The management Board will propose to the Supervisory Board, to bring the Elevator business of Thyssenkrupp in the stock market. In the course of the realignment of the group wants to reduce to 6,000. Two-thirds of which Germany accounted for, said CEO Guido Kerkhoff.
had The Fusion as a core part of the planned restructuring of the group. The two partners had decided divisions, after long negotiations, in June 2018, the merger of its European Steel. In the new company, based in the Netherlands Thyssenkrupp 50 percent of the shares should hold.
the merger would be Europe’s second largest steel group: 48.000 employees and plants in Germany, the UK and the Netherlands.
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the aim of Thyssenkrupp, it was to say goodbye to the highly volatile steel business to a large extent. It is expected annual savings of 400 to 500 million euros.
However, the project was subject to clearance by the competent competition authorities. The EU reviewed the transaction for months in detail. Especially in the steel and subcontracting to the automotive industry, there were concerns that competition would suffer. Both companies tried to convince the competition authorities with concessions from the merger. At the beginning of April, Thyssenkrupp and Tata Steel submitted a range of proposals in the competition Commission. The inspection period was to last until the 17. June extended.
the representatives of The employees of the group called for a clear strategy for the future of the chief Executive officer of Kerkhoff. “All of this is an unspeakable burden for the employees”, said the Deputy head of the Supervisory Board and the IG Metall trade Union Secretary Markus Grolms. “This has to stop now. The Board needs to tell it like it is and make suggestions how it’s supposed to be better.”