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Thyssenkrup and Tata Steel deal to be vetoed by EU

Steel worker takes a steel sample at a blast furnace run by ThyssenKrupp in Duisburg, Germany
EPA

Thyssenkrup and Tata Steel are expecting to receive objections from the European Commission over their steel joint venture.

Sources have told Reuters that EU antitrust regulators will hand out a statement of objections to the two firms, setting out serious competition concerns.

"As soon as the statement of objections has arrived we will thoroughly examine the Commission's arguments," a spokesman for Thyssenkrupp said, adding the group continued to be confident that the transaction could be closed in early 2019.

Thyssenkrupp and Tata

Port Talbot is the UK's biggest steelworks
Getty Images
Port Talbot is the UK's biggest steelworks

Thyssenkrupp has told Reuters expects to receive in the course of the week a statement of objections from the European Commission over its planned joint venture with Tata Steel.

The European Commission said in October it was concerned customers would face higher prices and fewer suppliers if the merger was allowed to go ahead.

The deal includes the UK's biggest steelworks, at Port Talbot in Wales.

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