Tata Steel To Offer Partial EU Packaging Sale For Thyssenkrupp Deal Approval

Tata Steel is likely to offer to sell parts of its European packaging activities to secure regulatory approval for a planned joint venture with Thyssenkrupp. The two steelmakers have agreed on an eight-day extension to a deadline for submitting remedies to the European Commission, which has been concerned that the combined entity could hurt competition in some areas.

Thyssenkrupp and Tata Steel last year agreed to combine their European steel activities in a 50-50 joint venture to cut overcapacity and create a more powerful challenger to market leader ArcelorMittal. Offering some packaging steel assets would address one of the areas that have been singled out by the Commission in its antitrust review.