European business merger talks continue with Thyssenkrupp, says Tata Steel

Tata Steel today said a final decision on merging its European business with German major Thyssenkrupp is yet to be taken as the "strategic discussions" are still continuing.

Published: 14th September 2017 02:39 PM  |   Last Updated: 14th September 2017 02:40 PM   |  A+A-

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By PTI

NEW DELHI: Tata Steel today said a final decision on merging its European business with German major Thyssenkrupp is yet to be taken as the "strategic discussions" are still continuing.

Both the companies have been in discussion for a merger of their steel businesses for almost over a year.

"Tata Steel would like to clarify that it continues to be in strategic discussions with Thyssenkrupp," the Indian steel major said in a statement.

The clarification has come in the wake of media reports saying Thyssenkrupp and Tata Steel may sign a Memorandum of Understanding (MoU) this month.

Tata Steel said: "The talks are currently ongoing and a decision regarding the same would be taken upon completion of the above discussions."

On September 11, Tata Steel had announced that it has concluded a new agreement under which its UK business stands separated from the 15-billion pound British Steel Pension Scheme (BSPS).

"Tata Steel UK has received confirmation from the pensions regulator that it has approved a regulated apportionment arrangement (RAA) in respect of BSPS," it had said.

The pact, signed by Tata Steel with the trustee of the BSPS, will pave the way for the Indian steel major's merger with ThyssenKrupp. The merger would create the second largest steel maker in Europe.

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