September 20, 2017 / 5:21 AM / 10 months ago

Thyssenkrupp considered breakup before plumping for Tata joint venture

FRANKFURT (Reuters) - German industrial group Thyssenkrupp (TKAG.DE) considered options including a breakup of the company before deciding to pursue a European steel joint venture with Tata Steel (TISC.NS), it said on Wednesday.

The new logo of ThyssenKrupp is seen at the headquarters of the steel maker and multinational conglomerate in Essen, Germany, April 20, 2016. REUTERS/Wolfgang Rattay/File Photo

“Before deciding on a joint venture the Thyssenkrupp executive board examined and worked out all the available options: A tie-up with a German partner, a spin-off, an IPO, the sale of the steel business and even a break-up of the entire company,” it said on its website.

“The joint venture with Tata is the only option that gives our steel business a viable long-term future.”

Thyssenkrupp and Tata Steel said earlier they had signed a memorandum of understanding to combine their European steel businesses in a 50-50 joint venture.

Reporting by Georgina Prodhan; Editing by Christoph Steitz

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