FRANKFURT (Reuters) – India’s Tata Steel will likely offer parts of its European packaging activities in a bid to seek regulatory approval for a planned joint venture with Germany’s Thyssenkrupp, three people familiar with the matter told Reuters.
Offering some packaging steel assets would address one of the areas that have been singled out by the European Commission in its review. Both firms would own about half of the European packaging steel market, industry sources have said.
No final decisions have been made and remedy proposals could still change or be amended before a new April 1 deadline, the people said. The Commission aims to wrap up its antitrust investigation by May 13.
Thyssenkrupp declined to comment. A spokesman for Tata Steel said it was not appropriate to comment or speculate on the process. “Both companies are committed to working closely with all relevant regulators to ensure the success of this transaction,” he said.
(Reporting by Christoph Steitz and Arno Schuetze; additional reporting by Maytaal Angel; editing by Thomas Seythal)