Thyssenkrupp and Tata Steel will not go very far in concessions to gain approval...
LONDON/FRANKFURT/DUESSELDORF - Thyssenkrupp and Tata Steel will not go very far in concessions to gain approval for a planned steel venture, four people familiar with the matter said, adding their offer might not be enough to satisfy the European Commission.
Brussels last month sent a statement of objections in its antitrust review of the transaction, effectively asking for remedies in exchange for approval in three areas — electrical steel, galvanized steel for car parts, and packaging steel. “The whole JV is half the size of ArcelorMittal, so Tata and Thyssen are trying to challenge the view of the EU on galva, they’re not accepting it, they’re going to try resist it as much as possible,” one of the people said.Another person said an overly generous remedy offer would also eat into planned synergies of 400 million to 500 million euros , which has been one of the cornerstones of the transaction for shareholders on both sides.
Ultimately, it will come down to who needs the joint venture more. Thyssenkrupp, whose steel unit has been seen as the stronger part of the planned entity, could live with a collapse, Kerkhoff said last week.
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