Thyssenkrupp-Tata Steel JV formally blocked by EU

The company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its Balance Sheet and working towards creating a sustainable portfolio in Europe, the company said in the BSE filing.

Jun 12, 2019 04:06 IST India Infoline News Service

Tata Steel
The European Commission on Tuesday formally announced its decision to prohibit the proposed European steel joint venture between Tata Steel Limited and thyssenkrupp AG.

Both companies, in statements on May 10, 2019, anticipated that the European Commission would not clear the proposed joint venture despite both parties offering a comprehensive package of remedies addressing the concerns of the Commission.

Tata Steel noted with deep disappointment the conclusions of the Commission. The company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its Balance Sheet and working towards creating a sustainable portfolio in Europe, the company said in the BSE filing.

Tata Steel Ltd is currently trading at Rs500.95, up by Rs8.15 or 1.65% ,from its previous closing of Rs492.80 on the BSE. The scrip opened at Rs493 and has touched a high and low of Rs501 and Rs491, respectively.

The BSE group 'A' stock of face value Rs10 has touched a 52-week high of Rs646.70 on 21-Sep-2018 and a 52-week low of Rs442.10 on 29-Jan-2019. Last one week high and low of the scrip stood at Rs502.15 and Rs476 respectively.

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