Statement of Tata Steel on EC's decision
Source: RNSJune 12, 2019
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London Stock Exchange London |
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Sub: Statement
Dear Madam, Sir,
This is further to our press release dated May 10, 2019, titled "Feedback from European Commission on the proposed steel joint venture between thyssenkrupp and Tata Steel in Europe".
The European Commission on June 11, 2019, formally announced its decision to prohibit the proposed European steel joint venture between Tata Steel Limited and thyssenkrupp AG. Both companies, in statements on May 10, 2019, anticipated that the European Commission would not clear the proposed joint venture despite both parties offering a comprehensive package of remedies addressing the concerns of the Commission. Tata Steel noted with deep disappointment the conclusions of the Commission. The Company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its Balance Sheet and working towards creating a sustainable portfolio in Europe.
This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is for your information and records.
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