Proposed Thyssenkrupp, Tata Steel joint venture blocked by EU regulators
BRUSSELS - Thyssenkrupp and Tata Steel’s plan to form a landmark joint venture was rejected by EU antitrust regulators on Tuesday, concerned that the deal would have pushed up prices and reduced competition.
“Steel is a crucial input for many things we use in our everyday life, such as canned food and cars. Millions of people in Europe work in these sectors and companies depend on competitive steel prices to sell on a global level,” European Competition Commissioner Margrethe Vestager said in a statement.
This is Vestager’s third veto this year, after she blocked Siemens’ bid for Alstom, and German copper company Wieland-Werke AG to buy a business unit from Aurubis, Europe’s biggest copper smelter, in February.
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