Thyssenkrupp, Tata Steel get EU extension of JV remedy deadline1 min read . Updated: 20 Mar 2019, 07:40 PM IST
- Thyssenkrupp, Tata need more time to work out remedies
- Deadline for Commission decision now 13 May
FRANKFURT : Thyssenkrupp and Tata Steel have agreed with the European Commission to extend a deadline to submit remedies in exchange for regulatory approval for a planned European steel joint venture, Thyssenkrupp said.
The deadline, which sources said was due to expire later on Wednesday, will be extended by eight working days, Thyssenkrupp said. This will move the overall deadline for a decision to May 13 from April 29, the Commission said on its website.
"In the ongoing merger control proceedings the deadline to submit a proposal, through which Thyssenkrupp and Tata Steel will address the Commission's concerns, is imminent," a spokesman for Thyssenkrupp said in e-mailed comments.
"To adequately draw up the proposal the partners have agreed to apply for an extension by 8 working days as part of the constructive dialogue with the Commission."
Thyssenkrupp confirmed it remains confident that the transaction, which will create Europe's second-largest steelmaker after ArcelorMittal, can be completed in the spring.
Sources told Reuters this month that the companies are unlikely to make far-reaching concessions that will jeopardise the economic and strategic rationale of the deal.
This story has been published from a wire agency feed without modifications to the text.