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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Tata Steel    TATASTEEL   INE081A01012

TATA STEEL

(TATASTEEL)
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End-of-day quote. End-of-day quote NATIONAL STOCK EXCHANGE OF INDIA - 07/17
475.7 INR   -0.21%
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EU Blocks Merger of European Steel Units of Tata, Thyssenkrupp -- 2nd Update

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06/11/2019 | 08:17am EDT

By Valentina Pop

BRUSSELS -- The European Union's antitrust enforcer on Tuesday blocked the planned merger of the European steel businesses of India's Tata Steel Ltd. and Germany's Thyssenkrupp AG, saying the resulting company would have reduced competition in the supply of special steel for the car and packaging industries.

Competition commissioner Margrethe Vestager said the two companies failed to propose sufficient remedies to address the EU's concerns. "We prohibited the merger to avoid serious harm to European industrial customers and consumers," Ms. Vestager said. The planned merger, announced in 2017, would have created Europe's second-largest steel producer after ArcelorMittal SA.

The blocked merger marks another defeat for executives and politicians who have been pushing for the formation of more European giants to counter competition from the U.S. and China.

Ms. Vestager dismissed criticism about her blocking the merger of European companies able to compete globally. She said that over the past 10 years, only ten mergers were blocked, while 3,000 were approved. The commission last year allowed ArcelorMittal to buy Italy's Ilva, Europe's largest steel plant, after the companies offered sufficient concessions to allay the commission's concerns, she said.

In February, the European Commission, the antitrust body, stopped plans to merge the train-making operations of Germany's Siemens AG with France's Alstom SA, a deal the companies said was necessary to be able to competition in the future with Chinese rail giant CRRC Corp., the world's largest rail supplier. The European Commission said the Franco-German merger would have harmed competition in the markets for high-speed trains and signaling systems.

The expected negative decision by the commission to create a second European steel giant was one of the main reasons that forced Thyssenkrupp to abandon a plan to split itself into two companies. Instead, the German company said it would pursue an initial public offering of its elevators business and be open for partnerships of its industrial operations.

Ruth Bender in Berlin contributed to this article.

Write to Valentina Pop at valentina.pop@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALSTOM 0.08% 37.8 Real-time Quote.7.09%
ARCELORMITTAL -3.20% 15.088 End-of-day quote.-14.27%
ARCELORMITTAL -3.28% 15.094 Delayed Quote.-13.97%
ONE STOP SYSTEMS INC -5.38% 1.76 Delayed Quote.-4.12%
SIEMENS AG 0.00%End-of-day quote.0.00%
TATA STEEL -0.21% 475.7 End-of-day quote.-8.51%
THYSSENKRUPP AG -1.34% 11.44 Delayed Quote.-22.60%
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Financials (INR)
Sales 2020 1 605 B
EBIT 2020 182 B
Net income 2020 75 924 M
Debt 2020 947 B
Yield 2020 2,30%
P/E ratio 2020 7,40x
P/E ratio 2021 6,82x
EV / Sales2020 0,93x
EV / Sales2021 0,92x
Capitalization 545 B
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Technical analysis trends TATA STEEL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 581,29  INR
Last Close Price 475,70  INR
Spread / Highest target 85,0%
Spread / Average Target 22,2%
Spread / Lowest Target -24,3%
EPS Revisions
Managers
NameTitle
Thachat Viswanath Narendran Chief Executive Officer, Executive Director & MD
Natarajan Chandrasekaran Chairman
Koushik Chatterjee Chief Financial Officer & Executive Director
Ashok Kumar Chief Technology Officer-Process
Vinay V. Mahashabde Chief Technical Officer-Flat Products
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