Tata Steel shares rise as firm signs pact with Thyssenkrupp
According to Tata Steel, joint venture with Thyssenkrupp to be formed on non-cash basis.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Tata Steel advanced in early trade on Wednesday after reports that Thyssenkrupp and Tata Steel sign MoU for a 50:50 European joint venture.
Thyssenkrupp said company to be named ‘Thyssenkrupp Tata Steel.’ The merged entity is likely to see annual synergies to the tune of €400-600 million.
Tata Steel settled 1.64 per cent up at Rs 687.65 on Wednesday. Shares of the company opened at Rs 677.90 and touched a high and low of Rs 691.05 and Rs 674.30, respectively, in trade.
According to Tata Steel, joint venture with Thyssenkrupp to be formed on non-cash basis.
The new company is likely to be headquartered in Amsterdam region.
Thyssenkrupp and Tata Steel said job cut will be shared.
Thyssenkrupp said company to be named ‘Thyssenkrupp Tata Steel.’ The merged entity is likely to see annual synergies to the tune of €400-600 million.
Tata Steel settled 1.64 per cent up at Rs 687.65 on Wednesday. Shares of the company opened at Rs 677.90 and touched a high and low of Rs 691.05 and Rs 674.30, respectively, in trade.
According to Tata Steel, joint venture with Thyssenkrupp to be formed on non-cash basis.
The new company is likely to be headquartered in Amsterdam region.
Thyssenkrupp and Tata Steel said job cut will be shared.
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