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

TATA STEEL LIMITED

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EU regulators block Thyssenkrupp, Tata Steel joint venture

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06/11/2019 | 07:56am EDT
EU Competition Commissioner Vestager addresses a news conference in Brussels

BRUSSELS (Reuters) - Thyssenkrupp and Tata Steel's plan to form a landmark joint venture was rejected by EU antitrust regulators on Tuesday, concerned that the deal would have pushed up prices and reduced competition.

The European Commission said the companies, which had looked to the deal as one way to tackle overcapacity and other challenges in the steel industry, had not done enough to allay its concerns.

"Steel is a crucial input for many things we use in our everyday life, such as canned food and cars. Millions of people in Europe work in these sectors and companies depend on competitive steel prices to sell on a global level," European Competition Commissioner Margrethe Vestager said in a statement.

The Commission said imports from third countries would not have been able to offset potential price hikes resulting from the deal.

This is Vestager's third veto this year, after she blocked Siemens' bid for Alstom, and German copper company Wieland-Werke AG to buy a business unit from Aurubis, Europe's biggest copper smelter, in February.

ThyssenKrupp and Tata Steel last month flagged the EU veto after they declined to offer further concessions to address regulators' concerns.

German steel-to-submarines group ThyssenKrupp will now list its elevator business, its most profitable unit worth an estimated 14 billion euros and twice the parent group's market value.

It may also consider new ownership structures for its car parts, plant engineering and marine systems units.

(Reporting by Foo Yun Chee; editing by Robin Emmott)

By Foo Yun Chee

Stocks mentioned in the article
ChangeLast1st jan.
LME COPPER CASH 0.23% 5758.5 End-of-day quote.-1.38%
ONE STOP SYSTEMS INC 4.03% 2.84 Delayed Quote.46.39%
TATA STEEL LIMITED 6.93% 368.55 End-of-day quote.-33.85%
THYSSENKRUPP AG -1.67% 12.68 Delayed Quote.-15.35%
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Financials (INR)
Sales 2020 1 586 B
EBIT 2020 151 B
Net income 2020 50 454 M
Debt 2020 964 B
Yield 2020 2,81%
P/E ratio 2020 9,00x
P/E ratio 2021 6,12x
EV / Sales2020 0,87x
EV / Sales2021 0,86x
Capitalization 423 B
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 442,95  INR
Last Close Price 368,55  INR
Spread / Highest target 83,2%
Spread / Average Target 20,2%
Spread / Lowest Target -25,4%
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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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