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Germany’s ThyssenKrupp CEO Heinrich Hiesinger and Chairman of Tata Steel Natarajan Chandrasekaran pose at a joint news conference after signing a final agreement on Saturday to establish a long-expected steel joint venture, in Brussels, Belgium July 2, 2018. REUTERS/Francois Lenoir/Files
FRANKFURT/DUESSELDORF, Germany (Reuters) – Thyssenkrupp and Tata Steel’s remedy proposal to obtain antitrust clearance for their planned European joint venture will not jeopardise a synergy target for the entity, a person familiar with the matter said.
The joint venture, which was signed last year but still needs to be approved by the European Commission, targets 400 million to 500 million euros ($448-$560 million) in annual synergies.
Thyssenkrupp declined to comment.
($1 = 0.8927 euros)
Reporting by Christoph Steitz and Tom Kaeckenhoff; editing by Thomas Seythal and Kathrin Jones
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