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EU regulators to rule on Thyssenkrupp, Tata Steel venture by Oct. 30

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By Reuters
EU regulators to rule on Thyssenkrupp, Tata Steel venture by Oct. 30

BRUSSELS (Reuters) – EU antitrust regulators will decide by October 30 whether to allow Germany’s Thyssenkrupp <TKAG.DE> and India’s Tata Steel <TISC.NS> to create Europe’s No. 2 steelmaker, the European Commission said on Wednesday.

The companies unveiled their plan for a steel joint venture in July after two years of talks, the sector’s biggest tie-up in more than a decade. Steelmakers are battling overcapacity and tariff hikes among other problems.

Thyssenkrupp and Tata Steel sought EU approval on Tuesday, according to a filing on the Commission website. Regulators can either wave the deal through with or without demanding concessions or open a full-scale investigation if they have deeper concerns.

The new entity, to be based in the Netherlands, will compete with ArcelorMittal <MT.AS>.

(Reporting by Foo Yun Chee; Editing by Elaine Hardcastle)