February 28, 2019 / 10:39 AM / 4 months ago

Thyssenkrupp says breakup plans not contingent on Tata Steel deal

FILE PHOTO: A logo of Thyssenkrupp AG is pictured at the company's headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen/File Photo

FRANKFURT (Reuters) - Thyssenkrupp will continue with its breakup plans even if the steel-to-submarines conglomerate fails to win regulatory approval for a separate joint venture with Tata Steel, Chief Executive Guido Kerkhoff said on Thursday.

“The feasibility of the breakup is absolutely no problem,” Kerhkoff told journalists in remarks embargoed for Thursday.

Thyssenkrupp is planning to break itself apart in addition to combining its European steel operations together with those of Tata Steel.

The steel-to-submarines group is confident it can complete the Tata steel joint venture deal in early 2019. The European Commission will rule on the Tata transaction by April 29.

Reporting by Tom Kaeckenhoff; Writing Edward Taylor; Editing by Riham Alkousaa

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