Markets

Tata Steel, ThyssenKrupp to combine steel operations in Europe

Tata Steel, ThyssenKrupp to combine steel operations in Europe”

The scrip gained 1.64 per cent to close at Rs 687.65 on BSE.

Dr Heinrich Hiesinger, chairman of the executive board at Thyssenkrupp, added: "Thyssenkrupp and Tata Steel are creating a sustainable future for their respective European steel activities by jointly forming the planned joint venture".

German Labour Minister Andrea Nahles said on Wednesday that a merger between Germany's Thyssenkrupp and Tata Steel should not happen at any cost and the headquarters needed to be in Germany if it did happen.

Thyssenkrupp, whose fiscal year ends September 30, has said there could still be a memorandum of understanding (MoU) with Tata Steel this month, which would pave the way for due diligence, a detailed look at each other's accounts.

The joint venture would have a pro forma turnover of about €15 billion per annum (Rs115,000 crore) and now employs about 48,000 people spread across various locations.

A dozen Ryanair flights cancelled to and from Zaventem and Charleroi
If Ryanair has informed you of the cancellation with more than two weeks' notice, you will not be entitled to compensation. The details of all the cancelled flights will be on the Ryanair website over the next 24 hours, the firm said.

Thyssenkrupp and Tata Steel are to join together to create Europe's second biggest steelmaker.

Tata Steel, in a statement, said that the deal will not involve any cash, instead, both groups will contribute debt and liabilities to achieve an equal shareholding to remain long-term investors.

As the partnership between the two companies progresses, Tata Steel is "well-positioned" to leverage India's growing economy by adding significant capacity in value-added products to meet emerging customer needs, said Mr Chandrasekaran. "Not only do we share a clear performance orientation, but also the same understanding of entrepreneurial responsibility toward workforce and society".

Thyssenkrupp had last week said that it could reach a deal this month outlining the annual synergies of 400-600 million euros and around 4,000 job cuts.

It is unclear how many Dutch jobs will go, but the FNV trade union expects the bulk of the Tata Steel jobs will go in the Netherlands.

Canelo Alvarez vs. Gennady Golovkin
Alvarez (49-1-1, 34 KOs) aims to be the first to defeat the current WBA-WBC-IBF champion in Golovkin (37-0, 33 KOs). Still, it promises to be a can't miss fight that brings back memories of the great middleweights of the 1980's.

"As always, the devil will be in the detail and we are seeking further assurances on jobs, investment and future production across the United Kingdom operations", Roy Rickhuss, chair of the committee, told the BBC.

"In case that in the future developments would be that they would be underfunded, then the sponsor would still be Port Talbot, or Tata Steel UK, to overcome this issue", he told analysts on Wednesday.

Thyssenkrupp will not be liable for any future funding demands of a new pension scheme sponsored by Tata Steel UK, its chief financial officer said.

The deal will require the approval of Thyssenkrupp's supervisory board and Tata Steel's board of directors as well as that of the European Commission.

Feds ban government use of Kaspersky software
Mike Rogers, National Geospatial-Intelligence Agency Director Robert Cardillo and Defense Intelligence Agency Director Lt. Jeanne Shaheen, D-N.H, has been pushing to prohibit the federal government from using the firm's products.



Like this

Latest


20 September 2017
Bayern looses goalkeeper Neuer to injury till 2018
He has played four games for Bayern this season since his return, the Bavarian club winning three of those four starts. "Dr.

20 September 2017
Trump revives idea that Pentagon once nixed: Parading military gear in DC
During the Cold War, the practice was avoided as it was feared that it would look like the USA was mimicking the Soviet Union. Trump also noted that the US spent over $700 billion on military spending this year.

18 September 2017
Southampton Premier League - 16 September 2017
Now he's been taken on by Crystal Palace , as the safe pair of hands following Frank de Boer's attempts at "continental stuff". Roy Hodgson is confident of turning Crystal Palace's fortunes around - but admits things may get worse before they get better.

18 September 2017
BSF jawan killed as Pak rangers violate ceasefire on J&K Intn'l Border
The jawan, identified as identified as Captain Brijendra Bahadur Singh, was succumbed to his injuries. A BSF jawan was killed and a civilian injured last week.

17 September 2017
Iraqi Kurdish Parliament Backs Independence Referendum
The United States has proposed unspecified "alternatives" to the vote, to which Barzani has pledged to give a rapid response. The KRG has ignored increasing calls for the cancelation of the referendum, saying the vote would go ahead as planned.

16 September 2017
Video shows NASA's Cassini team reacting to the spacecraft's death at Saturn
The Saturn moon Enceladus has a frozen surface covering a hidden global ocean of salt water and, possibly, some form of life. The twin Voyagers swung by Saturn in the 1970s and '80s, giving scientists a rough outline of the planet and its moons.

14 September 2017
There is no plan B for Pyeongchang Games, says IOC's Bach
Current regional tensions in East Asia with five months to go before next year's Winter Olympic Games in Pyeongchang were cited as an example.

14 September 2017
Election commission official: 'High possibility' no changes will be recommended
DUNLAP: It oversimplifies the model to say that there's a direct path to fraud through the driver's license. Testimony ranged from studies of voter behavior to the vulnerability of the election infrastructure system.

14 September 2017
Minn. rural electric cooperatives assist Florida recovery
Earlier the Missouri crews were committed to two cooperatives in South Carolina, Berkeley and Palmetto electric cooperatives. Twelve members of the state's Electric Cooperatives of SC association reported 7,560 outages around SC .

14 September 2017
Air Berlin cancels 100 flights after 200 pilots call in sick
Flights from Air Berlin's key hubs in Berlin and Dusseldorf were especially badly hit by cancellations, the airline said. Air Berlin has also attracted buyer interest from China's LinkGlobal Logistics, German newspaper Bild reported today.



Recommended