Brussels: ThyssenKrupp And Tata Steel a. have lost their battle against The European Union Antitrust veto of their proposed landmark joint venture, after Europe’s second-highest court rejected their arguments.
In 2019, the two companies sought more capacity and other challenges in the steel industry through a joint venture, which would have become Europe’s second largest steel producer after ArcelorMittal.
But, he The European Commission Said the deal could result in significant price increases and the measures sought at the time would jeopardize the logic of the transaction planned at that time.
The EU competition promoter said in its 2019 ruling that the companies had not taken adequate steps to address the concerns, forcing the deal and the companies to challenge the finding in the Luxembourg-based General Court.
“In today’s decision, the General Court dismissed all the arguments raised by the undertaking and upheld the decision of the Commission,” the Court said on Wednesday.
Parties may appeal matters of law to the Court of Justice of the European Union, Europe’s top court.
The case is of T-584/19.
Thyssenkrupp, which has since detected and rejected Britain’s attempt to sell its steel division to Liberty Steel, said it has heeded the decision.
“Our opinion remains that the EU is blocking the joint venture with the Commission Tata Steel Europe 2019 was a disproportionate move,” the company said.
Tata Steel Europe declined to comment.
In 2019, the two companies sought more capacity and other challenges in the steel industry through a joint venture, which would have become Europe’s second largest steel producer after ArcelorMittal.
But, he The European Commission Said the deal could result in significant price increases and the measures sought at the time would jeopardize the logic of the transaction planned at that time.
The EU competition promoter said in its 2019 ruling that the companies had not taken adequate steps to address the concerns, forcing the deal and the companies to challenge the finding in the Luxembourg-based General Court.
“In today’s decision, the General Court dismissed all the arguments raised by the undertaking and upheld the decision of the Commission,” the Court said on Wednesday.
Parties may appeal matters of law to the Court of Justice of the European Union, Europe’s top court.
The case is of T-584/19.
Thyssenkrupp, which has since detected and rejected Britain’s attempt to sell its steel division to Liberty Steel, said it has heeded the decision.
“Our opinion remains that the EU is blocking the joint venture with the Commission Tata Steel Europe 2019 was a disproportionate move,” the company said.
Tata Steel Europe declined to comment.