Thyssenkrupp abandons plans to merge with India’s Tata
German industrial conglomerate Thyssenkrupp said yesterday it had abandoned plans to merge its steel business in Europe with Indian giant Tata because of expected resistance from the European Commission.
“Thyssenkrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due to the Commission’s continuing concerns,” the German company said in a statement.
Having shelved the merger plans and ruled out offering more concessions to Brussels in order to get a green light, Thyssenkrupp said it was now aiming for a stock market listing of its elevators business.
The announcement saw Thyssenkrupp’s stock soar, up 13.48 per cent to 12.75 euros ($14.31), by around 1000 GMT on Frankfurt’s stock exchange.
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