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Thyssenkrupp CEO confident board will agree to Tata Steel deal
September 20, 2017 / 9:03 AM / in a month

Thyssenkrupp CEO confident board will agree to Tata Steel deal

ESSEN, Germany (Reuters) - Thyssenkrupp (TKAG.DE) Chief Executive Heinrich Hiesinger is convinced he can win over labour representatives to back a planned merger of its European steel operations with those of Tata Steel (TISC.NS).

Heinrich Hiesinger, chief executive of ThyssenKrupp AG addresses a news conference in Essen, Germany, September 20, 2017, on the Thyssenkrupp and Indian peer Tata Steel preliminary agreement to combine their European steel operations. REUTERS/Wolfgang Rattay

“I am confident that we will reach a favourable ultimate solution with the employee representatives that will also be backed by the entire Supervisory Board,” Hiesinger told reporters on Wednesday after the plans were unveiled.

Labour representatives hold half of the 20 seats on the group’s supervisory board.

The group’s works council has been fiercely opposed to the plans and only earlier this week signalled a willingness to consider the move if a range of conditions, including far-reaching guarantees to preserve jobs and plants, are met.

Reporting by Christoph Steitz; Editing by Ludwig Burger

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