6/30/2018, 12:49 PM (Source: TeleTrader)
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Tata Steel, Thyssenkrupp sign merger deal

Indian steel-making company Tata Steel signed a merger deal with German industrial giant Thyssenkrupp on Saturday, AP reported. The two firms agreed to join their European operation and create a new entity for that purpose.

The merger agreement assumes both companies will hold an equal share of 50% in the new corporation called Thyseenkrupp Tata Steel B.V. However, the two industry giants are still waiting for the approval from the European regulators. If the deal is given a green light, the new company will become one of the biggest firms in the market, second only to Luxembourg-based ArcelorMittal.

It is anticipated that the merger will create over 48,000 new jobs in the United Kingdom, Germany, and the Netherlands. European labor representatives already gave their seal of approval for the deal.

Breaking the News / VK