German industrial conglomerate Thyssenkrupp said on Friday that it was scrapping merger plans with steel giant Tata and would slash 6,000 jobs worldwide in a structural shakeup. The reason: the European Commission’s reluctance to the merger.
Should the deal have gone ahead, it would make Tata-Thyssenkrupp Europe’s second largest steel company – the largest being ArcelorMittal. The Tata deal not going through will directly benefit China.
The German group said “continuing concerns” from the European Commission had sunk its bid to join its steel business in Europe with Tata’s. Read more