Thyssenkrupp, Tata may merge European steel businesses

German major Thyssenkrupp and Tata Steel are all set to merge their European steel businesses. Photograph:( Getty )

Reuters Frankfurt, Germany Jun 24, 2016, 10.37 AM (IST)
German steel firm Thyssenkrupp and Indian steel company Tata Steel could sign a Memorandum of Understanding (MoU) on merging their European steel businesses within weeks, German business monthly Manager Magazin reported on Friday, citing inside sources.

Valuations are being discussed, along with the question of whether Tata would make a payment to Thyssenkrupp - whose European steel business is larger - in the event of a 50:50 venture, the magazine reported.

Neither Thyssenkrupp or Tata had an immediate comment on the report.