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Report: Tata Steel mulls partial sale of European packaging steel assets

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Report: Tata Steel mulls partial sale of European packaging steel assets

Tata Steel Ltd. is expected to partially sell its European packaging steel assets to gain regulatory approval for its planned joint venture with thyssenkrupp AG, Reuters reported March 21, citing three people familiar with the matter.

Earlier in the week, the companies secured an eight-day extension to submit antitrust concessions for their planned European steel joint venture.

The European Commission is now expected to release a decision May 13, and the proposals for the concessions can be amended before the new April 1 deadline, sources said.

The commission had pointed out reservations about the packaging steel assets and the electrical steel and galvanized steel units for car parts as the merger would result in the combined company owning about half of the European packaging steel market.

Thyssenkrupp will not offer its Rasselstein packaging unit in the concession proposal, sources said. The unit generated almost €1.16 billion for the company in 2015 to 2016.

The companies intend to argue that remedies in electrical steel and galvanized steel for car parts are not needed as an "overly generous" remedy offer will take away from expected synergies of €400 million to €500 million, according to a previous report.

The companies agreed in June 2018 to combine their European steel businesses into a 50/50 joint venture that will become the continent's second-largest steelmaker behind ArcelorMittal, pending approval from regulators.