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Published on 11/06/2019 4:58:20 PM | Source: Reuters

EU regulators block Thyssenkrupp, Tata Steel joint venture

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BRUSSELS  - EU antitrust regulators blocked on Tuesday a bid by Thyssenkrupp and Tata Steel to form a landmark joint venture, saying the deal would have pushed up prices and reduced competition.

The European Commission said concessions offered by the companies were not adequate while imports from third countries would not be able to offset price hikes resulting from the deal.

Last month, Thyssenkrupp and Tata Steel said the deal would be rejected by EU competition enforcers after they declined to offer further concessions to address regulators' concerns.

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