Thyssenkrupp files complaint over Brussels' veto on Tata JV
* Thyssenkrupp files complaint with General Court of EU
* Disagrees with Brussels' move to veto JV with Tata Steel
* Veto caused strategic U-turn at Thyssenkrupp
(Adds details on complaint, context)
FRANKFURT, Aug 22 (Reuters) - Thyssenkrupp on
Thursday said it was filing a complaint with a European court to
dispute an antitrust decision that blocks a planned joint
venture with Tata Steel.
The complaint to the General Court of the European Union -
seen as a symbolic move - comes after the Commission in June
vetoed plans to create Europe's second-biggest steelmaker,
fearing it would overly hurt competition.
The Commission was most concerned about the two companies'
combined position in the area of automotive and packaging steel,
resulting in a remedy proposal Thyssenkrupp said would have been
sufficient. Brussels disagreed.
"In its competitive assessment of the product groups of
packaging steel and hot-dip galvanized steel for the automotive
industry, the Commission has for the first time set out a
restrictive market definition that unduly extends the scope of
the existing competition law," Thyssenkrupp said in a statement.
It was already clear in early May that Brussels would block
the deal, causing a strategic U-turn at the group which includes
a planned stock market listing or sale of its elevators
Thyssenkrupp's steel division - Steel Europe - is now
expected to remain part of the group in the long-term,
Thyssenkrupp has said, though it has not ruled out partnerships
or the sale of a minority stake.
(Reporting by Christoph Steitz;
Editing by Michelle Martin)
First Published: 2019-08-22 09:42:53
Updated 2019-08-22 10:06:20
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