May 2019

European steel merger between thyssenkrupp and Tata Steel fizzles

A previously announced merger between thyssenkrupp’s Steel Europe AG business and Tata Steel has been abandoned due to concerns by the European Commission and fears that the merger would not be approved. The companies determined changes to the agreement would adversely affect the intended synergies and economics of the merger. Thyssenkrupp AG has reassessed its strategy and will now propose an IPO of its Elevator Technology business to its Board of Directors.