September 20, 2017 / 5:17 AM / in a year

Thyssenkrupp considered breakup before plumping for Tata JV

FRANKFURT (Reuters) - German industrial group Thyssenkrupp considered options including a breakup of the company before deciding to pursue a European steel joint venture with Tata Steel, it said on Wednesday.

FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File PhotoGES

“Before deciding on a joint venture the Thyssenkrupp executive board examined and worked out all the available options: A tie-up with a German partner, a spin-off, an IPO, the sale of the steel business and even a break-up of the entire company,” it said on its website.

“The joint venture with Tata is the only option that gives our steel business a viable long-term future.”

Thyssenkrupp and Tata Steel said earlier they had signed a memorandum of understanding to combine their European steel businesses in a 50-50 joint venture.

Reporting by Georgina Prodhan; Editing by Christoph Steitz

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