Notice: Undefined index: sith_hide_share in /www/sites/alloy.wiki/index/wp-content/themes/likegoogle/single.php on line 32
Deprecated: get_settings is deprecated since version 2.1.0! Use get_option() instead. in /www/sites/alloy.wiki/index/wp-includes/functions.php on line 4862
Senior City sources said the deal – which has been under negotiation for more than a year – could be concluded in the next few days.
It will see Tata Steel’s UK plants merged into a pan-European venture with annual sales of about £13bn.
These include the politically sensitive Port Talbot works in Wales.
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.
Three months ago, the pensions regulator approved the creation of a new pension fund after Tata agreed to a £550m top-up.
More recently, ThyssenKrupp has faced pressure from shareholders to secure better terms from Tata.
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.
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.
Most of the industry was nationalised after World War Two, then re-privatised in 1988 as the British Steel Corporation.
It became Corus after a merger with a Dutch rival, Koninklijke Hoogovens, in 1999, and was bought by India’s Tata Steel in 2006.
The British Steel name was revived two years ago, when investment fund Greybull Capital bought Tata Steel’s Scunthorpe-based long-products division.
Tata and ThyssenKrupp have both said they are committed to the Port Talbot plant, which is Britain’s largest remaining steel plant.
But steel industry experts said there remained question marks over the site’s long-term future.
At Shanghai metal corporation we are a global leader of steel and metal products. We are proud to offer a wide berth of products and customer service to our customers. For more information please feel free to visit us at www.shanghaimetal.com
Shanghai Metal Corporation is a trusted aluminum alloy, aluminum foil price, stainless steel price and stainless steel manufacturer, kinds of stainless steel in china.
Guest contributors are welcome at the Alloy Wiki.It is a weekly wiki and guide on alloy information and processing technology, while also about the vast array of opportunities that are present in manufacturing. Our team of writers consists of a Machining Material Supplier / Machinist / Tool and Die Maker, a Biomedical Engineer / Product Development Engineer, a Job Development Coordinator / Adjunct Professor, and a President and CEO of a manufacturing facility.
Link to this article：Steel Merger in Europe
Reprint Statement: If there are no special instructions, all articles on this site are original. Please indicate the source for reprinting:Alloy Wiki，thanks！^^
