- Title: Thyssenkrupp defends joint venture deal with Tata as shares fall
- Date: 2nd July 2018
- Summary: BRUSSELS, BELGIUM (JULY 02, 2018) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** TATA STEEL GROUP EXECUTIVE DIRECTOR KOUSHIK CHATTERJEE, THYSSENKRUPP BOARD MEMBER GUIDO KERKHOFF, MANAGING DIRECTOR OF TATA STEEL FOR INDIA AND SOUTH EAST ASIA, T.V. NARENDRAN, AND CHIEF EXECUTIVE OFFICER OF TATA STEEL HANS FISCHER HOLDING A PLAQUE WITH NAMES OF THYSSENKRUPP AND TATA STEEL THYSSENKRUPP CHIEF EXECUTIVE HEINRICH HIESINGER SHAKING HANDS WITH FISCHER HIESINGER WALKING TO TABLE JOURNALISTS TAKING PHOTOS OF CHAIRMAN OF TATA SONS NATARAJAN CHANDRASEKARAN NEWS CONFERENCE ROOM / NEWS CONFERENCE UNDER WAY (SOUNDBITE) (English) THYSSENKRUPP CHIEF EXECUTIVE, HEINRICH HIESINGER, SAYING: "But we cannot only rest and give the task to solve the issues to political leaders. We as business leader have to act on our own, and this is why we really have formed the joint venture. It's really a market-driven approach to solve that issue, to really face the challenges of the European industry and secure jobs and secure the value chains for our customers." NEWS CONFERENCE UNDER WAY CHANDRASEKARAN DURING NEWS CONFERENCE (SOUNDBITE) (English) THYSSENKRUPP CHIEF EXECUTIVE, HEINRICH HIESINGER, SAYING (STARTS ON AUDIENCE WHILE HIESINGER IS SPEAKING): "I think it comes back again, what we said, for the majority of our employees, more than 40,000, we believe the future is more secure. But we were very honest and from the very beginning shared openly with our employees and the unions that in order to gain synergies we cannot avoid that in certain locations adjustments will be necessary. And we named it that on both sides we believe up to 2,000." CAMERAMAN AND PHOTOGRAPHER DURING NEWS CONFERENCE NEWS CONFERENCE UNDER WAY (SOUNDBITE) (English) THYSSENKRUPP CHIEF EXECUTIVE, HEINRICH HIESINGER, SAYING: "Until we have the approval of the European Commission, specifically on the merger control procedure, we need to compete on the market as competitors and we need to act as separate entities. We are urgently looking forward for the closing that we can change that, but this must be clear to any employees so none of us will make any comment to the other company." ATTENDANTS OF THE NEWS CONFERENCE HAVING LUNCH AFTER NEWS CONFERENCE HIESINGER BEING INTERVIEWED CHANDRASEKARAN AT LUNCH ATTENDANTS HAVING LUNCH OUTSIDE OF NEWS CONFERENCE / BOARD READING (English): "Signing JV thyssenkrupp Tata Steel"
- Embargoed: 16th July 2018 13:32
- Keywords: Thyssenkrupp Tata Steel India Europe joint venture steel European Commission
- Location: BRUSSELS, BELGIUM
- City: BRUSSELS, BELGIUM
- Country: Belgium
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0018N22ZWN
- Aspect Ratio: 16:9
- Story Text: Thyssenkrupp on Monday (July 2) defended updated terms of a landmark joint venture deal with Tata Steel that was announced over the weekend and drew criticism from some shareholders and analysts.
Following two years of talks and an initial agreement in September 2017, both companies on Saturday signed the transaction that will create Europe's No. 2 steelmaker and marks the sector's biggest consolidation in more than a decade.
At a news conference organised in Brussels to celebrate the signing of the 50-50 joint venture, Thyssenkrupp Chief Executive Heinrich Hiesinger said the deal would secure the future of both companies, despite up to 2,000 jobs at risk in both companies.
Hiesinger said the companies were still waiting for approval from the European Commission on the deal and that until then they would keep acting as competitors. - Copyright Holder: REUTERS
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