EU Opens Investigation into Thyssenkrupp-Tata Steel JV Proposal
October 30 2018 - 12:04PM
Dow Jones News
By Cristina Roca
The European Union said Tuesday that it was opening an in-depth
investigation into Thyssenkrupp AG's (TKA.XE) planned merger of its
European steel business with Tata Steel Ltd. (500470.BY), citing
concerns that the deal could reduce competition in high-end steel
supply.
The EU is concerned that if the deal were to go through,
"customers would face a reduced choice in suppliers, as well as
higher prices," it said. These customers include European companies
of various sizes, it added.
"Steel is a crucial input for many of the goods we use in our
everyday life, and competitive steel prices are vital for the
European economy," said Margrethe Vestager, the European
Commissioner in charge of competition policy.
The EU said it would make a decision by March 19.
Write to Cristina Roca at cristina.roca@dowjones.com
(END) Dow Jones Newswires
October 30, 2018 11:49 ET (15:49 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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