Tata Steel to divest electrical steel facilities ahead of merger with Thyssenkrupp
According to SP Global, Tata Steel is looking to divest some of the electrical steel facilities as part of the current merger process with Thyssenkrupp, following concerns expressed by the European Commission.
“Tata has electrical steel units in the UK and Canada and its potential divestments in this area will prevent overlap with Thyssenkrupp,” Mr. Koushik Chatterjee, Tata’s executive director and chief financial officer told reporters in Mumbai, reports SP Global.
Earlier this year Tata Steel Europe announced it planned to sell some of its business units, including UK electrical steel producer Cogent, and some packaging facilities aiming to divest noncore assets and strengthen the sustainability of its key European steel strip manufacturing operations at Ijmuiden, The Netherlands and Port Talbot, UK ahead of its planned merger with Thyssenkrupp.
Tata Steel has now entered a phase two review by the European Commission of the proposed merger, expected to last 90 working days, SP Global reports.
Source: SP Global