{"id":147868,"date":"2018-06-29T00:07:30","date_gmt":"2018-06-29T00:07:30","guid":{"rendered":"http:\/\/freeonlinetranslators.net\/news\/english\/tata-steel-deal-with-thyssenkrupp-close-to-completion\/"},"modified":"2018-06-29T00:07:30","modified_gmt":"2018-06-29T00:07:30","slug":"tata-steel-deal-with-thyssenkrupp-close-to-completion","status":"publish","type":"post","link":"https:\/\/freeonlinetranslators.net\/news\/english\/tata-steel-deal-with-thyssenkrupp-close-to-completion\/","title":{"rendered":"Tata Steel deal with ThyssenKrupp ‘close to completion’"},"content":{"rendered":"
\"TataImage copyright Getty Images
Image caption Tata owns the UK's largest steelworks at Port Talbot <\/figcaption><\/figure>\n

Tata Steel and ThyssenKrupp are close to agreeing terms on a merger that will create Europe's second-biggest steelmaker, after Arcelor Mittal.<\/p>\n

Senior City sources said the deal - which has been under negotiation for more than a year - could be concluded in the next few days.<\/p>\n

It will see Tata Steel's UK plants merged into a pan-European venture with annual sales of about \u00a313bn.<\/p>\n

These include the politically sensitive Port Talbot works in Wales.<\/p>\n

Talks have been held up while the future of Tata Steel's enormous pension scheme - which includes the former British Steel retirement plan - was decided. <\/p>\n

Three months ago, the pensions regulator approved the creation of a new pension fund after Tata agreed to a \u00a3550m top-up. <\/p>\n

More recently, ThyssenKrupp has faced pressure from shareholders to secure better terms from Tata. <\/p>\n

Elliott Management, the aggressive New York hedge fund that has emerged as a key player in big European takeover battles, recently wrote to Thyssen's board saying that Tata's recent financial results did not warrant it receiving a half-share in the combined business.<\/p>\n

Steel wheels<\/h2>\n

The deal marks another change of ownership for Britain's steel industry, which once led the world, but has shrunk rapidly in the face of cheaper international competition. <\/p>\n

Most of the industry was nationalised after World War Two, then re-privatised in 1988 as the British Steel Corporation. <\/p>\n

It became Corus after a merger with a Dutch rival, Koninklijke Hoogovens, in 1999, and was bought by India's Tata Steel in 2006. <\/p>\n

The British Steel name was revived two years ago, when investment fund Greybull Capital bought Tata Steel's Scunthorpe-based long-products division.<\/p>\n

Tata and ThyssenKrupp have both said they are committed to the Port Talbot plant, which is Britain's largest remaining steel plant. <\/p>\n

But steel industry experts said there remained question marks over the site's long-term future.<\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty ImagesImage caption Tata owns the UK's largest steelworks at Port Talbot Tata Steel and ThyssenKrupp are close to agreeing terms on a merger that will create Europe's<\/p>\n","protected":false},"author":1,"featured_media":147869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-147868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/147868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/comments?post=147868"}],"version-history":[{"count":0,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/147868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media\/147869"}],"wp:attachment":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media?parent=147868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/categories?post=147868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/tags?post=147868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}