THYSSENKRUPP
Tata open to a bigger stake in joint venture with Thyssenkrupp
London/Mumbai/Frankfurt — India’s Tata Steel would consider a majority stake in its planned European steel joint venture with Germany’s Thyssenkrupp after the business has publicly listed, according to two sources familiar with the matter. Tata’s willingness to increase its holding is a sign of its commitment to expanding its steel empire globally, said the sources. This had been questioned by investors and analysts in recent years after the company, under former group boss Cyrus Mistry, put its British steel assets up for sale after years of losses. Such a development in the planned joint venture — which would create Europe’s second-largest steel group after ArcelorMittal — would also fit with Thyssenkrupp’s strategy of reducing exposure to steel making to concentrate on manufacturing high-margin industrial and technology goods. "They have different visions. Thyssenkrupp is looking to exit the steel sector while Tata is looking to stay and grow," said one of the sources. Tata Steel...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.