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UK unions wait for Tata Steel reasoning on Thyssenkrupp merger

In early July, the company announced cancellation of sale of its UK business and initiated talks with the German company for a possible joint venture

Aditi Divekar  |  Mumbai 

Tata steelworks Port Talbot, Wales
Tata steelworks Port Talbot, Wales

A meeting with Tata Steel officials in Britain was adjourned on Wednesday after company officials failed to provide the reasoning for it considering a merger with Germany-based Thyssenkrupp AG, trade union sources told this newspaper.

In early July, the company announced cancellation of sale of its UK business and initiated talks with the German company for a possible joint venture for its entire Europe business, including the UK operations. “The meeting is now postponed to next Wednesday, where we hope to get more details and information regarding the talks with Thyssenkrupp,” said the source.

In March, Tata Steel had announced the sale of its 10.5 million-tonne UK business, of which it managed to do away with the 4.5 mt long products unit to Greybull Capital. In May, seven formal Expressions of Interest were taken forward to the next stage of a possible sale process.

Eventually, the company scrapped its plan to sell the UK unit and has engaged in talks with Thyssenkrupp for a possible joint venture.

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First Published: Fri, September 02 2016. 00:38 IST