The European Commission announced on Thursday, September 27, that it is launching a probe into the merger between Indian Tata Steel and German ThyssenKrupp in order to determine how the agreement will affect competition. If the merger is approved, the new company will control roughly 27% of the European market for flat steel, making it the second biggest steel producer on the continent.
The combined revenue of the two steel giants would be €17 billion (US$19.8 billion), with both companies owning half of the new company.
Shortly after the announcement, Reuters reported that ThyssenKrupp announced that it plans for a structural overhaul which will lead to a separation of steel and other operations into two companies.
Full Content: Financial Times, Reuters
