Germany’s Thyssenkrupp to seek new steel merger after casting Tata aside

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Germany’s Thyssenkrupp to seek new steel merger after casting Tata aside

The German multinational conglomerate focused on industrial engineering and steel production, headquartered in Essen, Thyssenkrupp, had been seeking partners for its steel units following a breakup of its merger with India’s Tata Steel, the company’s Chief Executive, Guido Kerkhoff said in an interview with German newspaper, Handelsblatt Business Daily’s online edition published on Sunday, the 12th of May 2019.

Latest talks of new seeking new steel patner came forth, after the company CEO, Kerkhoff had ditched a reform plan on last Friday (May 10th), in which merger had been a critical part, while he had also unveiled his plans of transforming the steel-to-submarines group into a holding company and listing its profitable elevator business.

In point of fact, Thyssenkrupp’s long-planned merger attempt with India’s Tata Steel, which would have made it the bloc’s No. 2 producer of steel, after ArcelorMittal, had been compromised over sheer opposition from EU regulators.

In light of a breakup of a long-anticipated merger deal with India’s Tata Steel, Thyssenkrupp CEO, Kerkhoff said to the Handelsblatt Business Daily’s online edition, “Of course, with steel, we are looking to see what other consolidation options there are.

But with the current position of the European Commission, I don’t see the possibility of bigger mergers. As a result, we will remain the majority shareholder. We will get cracking on that as quickly as possible and then see what the right moment is”.