February 12, 2019 / 9:02 AM / 4 months ago

Thyssenkrupp says cannot compare Tata JV with Siemens/Alstom

FILE PHOTO: A logo of Thyssenkrupp AG is pictured at the company's headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen/File Photo

FRANKFURT (Reuters) - Thyssenkrupp (TKAG.DE) downplayed concerns over antitrust scrutiny with regard to its planned joint venture with Tata Steel (TISC.NS), saying it could not be compared with a vetoed rail tie-up of Siemens (SIEGn.DE) and Alstom (ALSO.PA).

“You cannot put the same label on it at all,” Guido Kerkhoff told journalists on Tuesday, adding that the European steel sector had witnessed several large transactions in the past that were approved by regulators after remedies had been offered.

The European Commission is expected to send a charge sheet known as a statement of objections to Thyssenkrupp this week, which usually sets out serious competition concerns which companies have to address, sources told Reuters on Monday.

EU anti-trust regulators last week rejected a planned rail businesses joint venture between Alstom and Siemens, saying that it would have hurt competition and led to higher prices for consumers, despite concessions offered by the companies.

Reporting by Christoph Steitz, editing by Riham Alkousaa

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