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Thyssenkrupp says it will not be rushed on European steel deal with Tata

Published 08/10/2017, 12:58 PM
© Reuters.  Thyssenkrupp says it will not be rushed on European steel deal with Tata
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  • ThyssenKrupp (OTCPK:TYEKF -0.3%) will not be rushed into any deal with Tata Steel to merge their European steel businesses, CFO Guido Kerkhoff says, dimming investor hopes for an agreement following more than a year of talks.
  • The potential tie-up has been held up largely by the question of who will assume responsibility for Tata Steel's legacy £15B ($19B) U.K. pension scheme; Sky News reported yesterday that Tata Steel was on the verge of detaching its British Steel pension fund from its U.K. operations, a pre-condition for any merger deal.
  • Shares closed higher by more than 1% in Frankfurt trading after the company posted better than expected FQ3 results, helped by a recent recovery of steel prices; order intake rose 14% Y/Y to €10.7B ($12.6B) and adjusted EBIT surged 41% to €620M.
  • Now read: The World's Best Dividend Growth Stock Just Keeps Getting Better


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