Tata Steel’s Europe Joint Venture Seen Delayed by Mistry Ouster

Tata Steel Ltd.’s efforts to combine its European steel operations with Thyssenkrupp AG may be delayed after parent Tata Sons Ltd. abruptly replaced its Chairman Cyrus Mistry, according to CLSA Asia-Pacific Markets.

“It was widely believed that Cyrus Mistry was the driver of Tata Steel’s strategy to sell-off its European assets,” analysts Mahesh Nandurkar, Abhinav Sinha and Alok Srivastava wrote in a report Tuesday. His ouster may raise questions about the continuation of this strategy and a major decision on talks with Thyssenkrupp may happen only under a new chairman, they wrote.