ThyssenKrupp applies extension on merger negotiations with Tata Steel
ThyssenKrupp, a big steel mill in Germany, applied for an eight-day extension to fishing the negotiations with the European Commission towards its merger with Tata Steel.
Tata Steel and ThyssenKrupp intended to put their European carbon steel and electrical steel businesses into a joint venture. Last year the European Commission started a deep investigation on this merger proposal in order to check out whether this merger between the two big steel mills will result in decreasing the competition in the supply of various high-end steels or not.
The European Commission was also worried that after this merger, the customers ranging from big and medium-size to numerous small European companies might have less choices in suppliers and might need to pay higher prices. Those companies were competing against imported products in the EEA. Many companies also exported their products to compete against the global competitors.
