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Concessions offered to Brussels on Thyssen-Krupp and Tata Steel merge

BRUSSELS (AFN / BLOOMBERG) - ThyssenKrupp and Tata Steel have offered concessions to the European Commission for approval of the intended merger of their European steel activities. A spokesperson for the committee announced this, without mentioning further details about the commitments.

Brussels is currently investigating the matter thoroughly. The Committee fears that the merger will have a negative impact on competition in the steel market, which may result in potentially unwanted price increases. The provisional deadline for the judgment has now been postponed to 5 June. A decision would initially be taken on 13 May.

ThyssenKrupp reported that the commitments cover all concerns of the committee. According to the company, these are "extensive and substantial" concessions to Brussels that are acceptable to the merger partners.

Last year the merger between the European divisions of the German ThyssenKrupp and the Indian Tata Steel was finalized. The new company will be called ThyssenKrupp Tata Steel and will be headquartered in Amsterdam. The former Hoogovens in IJmuiden will become part of the merger company.

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