Tata Steel falls on likely roadblock to ThyssenKrupp deal

Reuters Updated - May 06, 2019 at 10:32 AM.

Tata Steel and ThyssenKrupp proposed to combine their steel operations in Europe to form the region's second-biggest steelmaker

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Shares of Tata Steel fell around three per cent, witnessing its worst day in over three weeks.

Media reports stated that Brussels is likely to block the merger between Tata Steel and ThyssenKrupp, though the German company said it still sees scope for a pact with European Union (EU) regulators for planned joint venture.

Tata Steel and ThyssenKrupp proposed to combine their steel operations in Europe to form the region's second-biggest steelmaker

Media reports also stated that EU’s antitrust regulators are concerned that the deal would lead to less choice and higher prices for steel and were increasingly likely to block it unless the companies offered greater concessions

Tata Steel's shares rose 21.3 per cent as of last close.

Published on May 6, 2019 05:00