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New steel giant – Thyssen – Are on the right for steelfusion with Tata | News

Monday, September 11th, 2017 | Economy

The negotiations were on the finishing line, said a Specher on Monday. There could be an agreement on a MoU for a joint venture this month. The approval of the committees is expected. Employee representatives immediately announced their opposition. As there was no discussion of the books (due diligence) – the most important part of the negotiations – it would take months to complete the merger.
A Supervisory Board meeting scheduled for Tuesday was held on the weekend 23/24. September. The "manager-magazine" had first reported on the progress of the negotiations between Thyssenkrupp and Tata. Employee representatives immediately went to the barricades. "We reject a merger with Tata," said the head of IG Metall Duisburg-Dinslaken, Dieter Lieske, the Reuters news agency. "I have no evidence of our representatives on the Supervisory Board that they will agree to a merger, and we will not agree with any MoU."
Thyssenkrupp CEO Heinrich Hiesinger has been negotiating a merger of the steel businesses for a year and a half. Together, they would be the second largest steel group in Europe after ArcelorMittal. An obstacle was the 15 billion euro pension burden of Tata in Great Britain. Tata, however, recently reached an agreement with the Pension Fund. Tata said Monday that the company's pension obligations have now been separated from the company. The shares of Thyssenkrupp increased.
(Reuters)

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