EU opens investigation into Tata Steel, ThyssenKrupp planned joint venture
Belgium, Brussels: The European Commission has opened an in-depth investigation to assess the proposed creation of a joint venture by Tata Steel and ThyssenKrupp, under the EU Merger Regulation, the European Commission said in the press release.
The proposed joint venture would combine the two company’s European carbon steel and electrical steel businesses and the Commission sees concerns that the merger may reduce competition in the supply of various high-end steels.
“The Commission is concerned that, following the transaction, customers would face a reduced choice in suppliers, as well as higher prices,” the EU executive said in the statement.
The Commission now has 90 working days, until 19 March 2019, to take a decision.
Source: European Commission