Steel firms Thyssenkrupp and Tata to merge

02 Juillet, 2018, 11:20 | Auteur: Auguste Feret
  • Tata Steel signs joint venture deal with German conglomerate ThyssenKrupp

Tata Steel and Thyssenkrupp had signed a Memorandum of Understanding (MoU) back in September 2017 to this effect after announcing plans to combine their European businesses and form a joint venture. Now that they are together, the steelmaking joint venture aims to produce 35,000 million tonnes of cold rolled grain oriented steel every year from its expanded factory, instead of the earlier capacity of 10,000 tonnes per annum.

Synergy benefit up to Euro 400-500 million is expected from the consolidation that may take two to three years to materialise, Tata Steel management said in a conference call post the deal. The firms confirmed 4,000 job losses through voluntary means, with 1,000 falling in Tata's 8,500-strong United Kingdom business.

Heinrich Hiesinger, CEO of ThyssenKrupp said that "the joint venture not only addresses the challenges of the European steel industry". It will have around 48,000 workers and about 15 billion euros in sales.

However, in case of an Initial Public Offering (IPO) of the joint venture, Thyssenkrupp will receive a higher share of the proceeds, reflecting an economic ratio of 55/45 in favour of Thyssenkrupp. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.

"The joint venture will create a strong pan European steel company that is structurally robust and competitive". ThyssenKrupp will have the exclusive rights to decide on the timing of the potential IPO, the company presentation said. "But we also want a company with better chances and less risks", Grolms said. "We will secure jobs and contribute to maintaining value chains in European core industries".

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"Tata Steel's scale of operation will not reduce because of the restructuring of the European operations, since Bhushan Steel's plant will ramp up production in Odisha in India".

Hiesinger had faced pressure from activist funds Cevian and Elliott to extract more commitments from Tata Steel, whose European business has performed worse than Thyssen's since the agreement was first announced, creating a valuation gap.

Once formed, the new company will be based in the Netherlands.

Until closing, thyssenkrupp Steel Europe and Tata Steel in Europe will continue to operate as separate companies and as competitors.


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