Merger Tata Steel And ThyssenKrupp Completed
Merger Tata Steel and ThyssenKrupp Completed. Steel companies Tata Steel and ThyssenKrupp have completed the merger. After Tata Steel agreed earlier, the Board of Directors of ThyssenKrupp also coincides with the conditions.
It concerns the European branches of the companies. The formal signing has already taken place.
It is the most significant European steel deal since the acquisition of Arcelor by Mittal in 2006. Competitive authorities still have to approve the alliance, published by the Vital News.
The Indian Tata Steel, the parent company of the former Hoogovens in IJmuiden, and the German industrial and steel concern ThyssenKrupp made their plans in the year of last year to aggregate their steel activities in Europe.
The combination, which is named ThyssenKrupp Tata Steel, has approximately 48,000 employees and a turnover of 13 billion pounds. The companies expect to save 350 to 442 million pounds, including the deletion of 4,000 jobs.
In the Netherlands, Tata Steel reached an agreement with the unions after it became clear that no fewer than four hundred jobs would disappear here.
There were significant concerns among the works councils, employees and trade unions at ThyssenKrupp and in IJmuiden, mainly because of job losses. There have been promises that no forced redundancies will follow.
Earlier this week it became clear that the employees of both companies agreed to the deal after they had received adequate guarantees about employment and future investments.
On Friday morning, the works council of Tata Steel Netherlands agreed with the merger. The last major obstacle to the merger.
The management responded to conditions about, among other things, the relatively independent position of Dutch activities.