Thyssenkrupp, Tata Steel lose fight against EU veto of joint venture

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By Foo Yun Chee


BRUSSELS (Reuters) – and lost their fight on Wednesday against a antitrust of their proposed landmark joint venture three years ago, after Europe’s second-highest court rejected their arguments.


The had sought to tackle over-capacity and other challenges in the via the joint venture but the European Commission said the deal could result in price hikes.


The EU competition enforcer in its 2019 decision said the had not offered sufficient remedies to address such concerns, forcing it to block the deal and the to challenge the finding at the Luxembourg-based General Court.


“In today’s judgment, the General Court rejects all the arguments raised by the undertaking and upholds the Commission’s decision,” the Court said.


The parties can appeal on matters of law to the Court of Justice of the European Union, Europe’s top court.


The case is T-584/19.


(Reporting by Foo Yun Chee; Editing by Edmund Blair)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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