ThyssenKrupp scraps merger with Tata - report

Friday, 10. May 2019 09:57

German industrial giant ThyssenKrupp AG abandoned plans to merge with India's Tata Steel, Handelsblatt reported on Friday quoting insiders. The company is reportedly also ditching the plan to split into two parts, a move that was decided last September, as the proposed cross-shareholding structure would be unworkable due to the company's low share price.

It was reported earlier that the European Commission was likely to bock the merger with Tata, due to competition concerns.

ThyssenKrupp's stocks jumped 7.57% at 9:57 am CET.

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