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.
“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