9/27/2018, 3:05 PM (Source: TeleTrader)
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Brussels launches probe into Tata Steel ThyssenKrupp deal

European commission responsible for competition announced on Thursday that it is launching a probe into the merger between Indian Tata Steel Ltd. and German ThyssenKrupp AG in order to determine how the agreement will affect the competition. If approved, the new company would control roughly 27% of the European market for flat steel, making it the second biggest steel producer on the old continent.

The combined revenue of the two steel giants would be €17 billion, with both of them owning half of the new company.

Shortly after the announcement, Reuters wrote sources close to the matter claimed ThyssenKrupp is considering a structural overhaul which would lead to a separation of steel and other operations into two companies. The German steel producer traded 7.13% in the green at 2:56 pm CET.

Breaking the News / MD