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5/6, 9:06 AM (Source: TeleTrader)
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EU 'likely' to block ThyssenKrupp, Tata Steel merger - report

European antitrust authorities are expected to block the proposed merger between ThyssenKrupp AG and India's Tata Steel, the Financial Times reported on Monday citing sources close to the matter.

According to the unnamed sources, the European Commission is concerned the deal would result in a reduced choice of steel suppliers and higher prices of products and is, therefore "increasingly likely" to block the merger unless the companies agree to more concessions.

In 2018, ThyssenKrupp and Tata Steel signed an agreement to create a combined company in which they would each hold a 50% stake. Several months later, the European Commission launched an investigation into the merger, citing possible breach of competition rules as the reason behind the probe.

Breaking the News / NP