Tata Steel soars 3% despite EU snub over JV with ThyssenKrupp

The EU antitrust regulators prohibited the merger saying the deal would push up the steel prices and discourage competition.

Shares of Tata Steel soared as much as 3 percent intraday on June 11 despite the European Commission formally blocking the proposed European steel joint venture with ThyssenKrupp AG.


The EU antitrust regulators prohibited the merger saying the deal would push up the steel prices and discourage competition.

The merger between Tata Steel and ThyssenKrupp AG was aimed at creating the second largest European steel company after ArcelorMittal.

However, the plans were disbanded by the companies on expectations that the EU would refuse the deal.

At 1304 hrs, Tata Steel was quoting Rs 30.60, up 2.51 percent on the BSE.

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