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Thyssen and Tata Sign Deal to Forge Europe’s No. 2 Steelmaker

  • Joint venture may create synergies of up to 600 million euros
  • Companies flag possible 4,000 job losses from combination
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Thyssenkrupp's CFO: Merger Creates Future for Steel

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Thyssenkrupp AG and Tata Steel Ltd. reached a tentative deal to merge their European steel businesses in a bid to create the region’s second-largest producer and tackle overcapacity in the industry.

The German and Indian companies have signed a memorandum of understanding for the joint venture to be named Thyssenkrupp Tata Steel, which will be equally owned by both parties, they said Wednesday. The transaction is expected to be finalized at the beginning of next year and will require the approval of the European Union.