6/11/2019, 1:17 PM (Source: TeleTrader)
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EC blocks ThyssenKrupp, Tata Steel merger

The European Commission blocked the proposed merger between ThyssenKrupp AG and India's Tata Steel, it announced in a press release on Tuesday.

The regulator vetoed the merger as it said that it would have led to reduced competition and higher prices for different types of steel. European Competition Commissioner Margrethe Vestager stated that as the companies did not provide adequate remedies to address the EC's "serious competition concerns," the merger was blocked to "avoid serious harm to European industrial customers and consumers."

Previous reports had hinted at the possibility of the EC failing to give the two companies the go-ahead. ThyssenKrupp subsequently confirmed that it was no longer planning on the merger as both companies expected that the EC would block it due to competition concerns, as was eventually the case.

Breaking the News / DZ