Saturday, 23 September, 2017

Thyssenkrupp Says Deal With Tata Possible By End-September

Workers at Tata's plant in Port Talbot
Credit
AFP Workers at Tata's plant in Port Talbot Credit AFP
Preston Stone | 12 September, 2017, 08:42

Shares of Tata Steel Ltd jumped as much as 4.6 per cent to their highest since February 2011. Bloomberg on Monday reported that activist investor Cevian, Thyssenkrupp's No.2 shareholder, was also opposed to the merger with Tata Steel, potentially robbing Hiesinger of a majority if all labour representatives also vote against the plan.

Detaching the BSPS from Tata clears a major hurdle to the company's hoped for merger with German steel maker ThyssenKrupp, a deal which would create Europe's second-largest steel business with a special focus on supplying the British and German auto industries. It said there had been a breakthrough in the lengthy negotiations.

Florida police rescue family with two infants from Irma flood waters
On Monday afternoon, as the storm began bearing down on Broward County, local transformers blew and took out power for thousands. Recently planted palm trees lie strewn across the road as Hurricane Irma passes by, Sunday, Sept. 10, 2017, in Miami Beach, Fla.

In company news, Thyssenkrupp may reach a principle agreement this month to merge its European steel business with Tata Steel, with the company saying that talks have been "constructive" and are entering the final stretch, according to Yahoo Finance. "The management board is now in talks over strategic options", the spokeswoman said, adding a meeting of the supervisory board initially scheduled for 12 September had been moved back to ensure it was adequately informed. The deal got Tata Steel to distance itself from the pension scheme.

As part of the deal, the BSPS received £550m from Tata Steel and a 33 per cent equity stake in Tata's United Kingdom steel operations. The pact, signed by Tata Steel with the trustee of the BSPS, will pave the way for the Indian steel major's potential merger with German giant ThyssenKrupp.

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