BRUSSELS (Reuters) - EU antitrust regulators will decide by October 30 whether to allow Germany’s Thyssenkrupp (TKAG.DE) and India’s Tata Steel (TISC.NS) to create Europe’s No. 2 steelmaker, the European Commission said on Wednesday.
The companies unveiled their plan for a steel joint venture in July after two years of talks, the sector’s biggest tie-up in more than a decade. Steelmakers are battling overcapacity and tariff hikes among other problems.
Thyssenkrupp and Tata Steel sought EU approval on Tuesday, according to a filing on the Commission website. Regulators can either wave the deal through with or without demanding concessions or open a full-scale investigation if they have deeper concerns.
The new entity, to be based in the Netherlands, will compete with ArcelorMittal (MT.AS).
Reporting by Foo Yun Chee; Editing by Elaine Hardcastle