Thyssenkrupp and Tata Offer Concessions on Steel Merger -Source

   By Olaf Ridder

Germany's Thyssenkrupp AG (TKA.XE) and India's Tata Steel Ltd. (500470.BY) have put together a package of divestments and other concessions to address European antitrust concerns regarding their planned steel joint venture, a person close to the German company said Tuesday.

According to the person, Thyssenkrupp and Tata are prepared to sell two plants--one in Belgium and one in Spain--that produce galvanized automotive steel. Tata would in addition put up for sale two packaging-steel plants, one in Belgium and one in the U.K., he said.

The European Commission had previously flagged both the automative-grade and packaging steel sectors as areas that could be affected by the merger of Tata and Thyssen's steel operations.

The two companies see "little scope" for further concessions, the person said.

In October, the Commission had voiced concerns about the Thyssen-Tata steel merger hurting competition in packaging, electrical and automotive-grade steels. The concerns about electrical steel have since been addressed, the person said.

Write to Olaf Ridder at olaf.ridder@wsj.com

(END) Dow Jones Newswires

April 02, 2019 09:06 ET (13:06 GMT)

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