June 28, 2018 / 1:17 PM / 3 months ago

Thyssenkrupp workers pave way for joint venture with Tata Steel

DUESSELDORF, Germany, June 28 (Reuters) - Thyssenkrupp’s powerful labour representatives on Thursday signalled their support for a planned joint venture with Tata Steel , effectively guaranteeing that the deal will be approved by the group’s supervisory board.

“The joint venture that has now been agreed is better than any joint venture that would have been created without the participation of the labour side,” Thyssenkrupp works council head Wilhelm Segerath said on Thursday.

Speaking after a supervisory board meeting of Thyssenkrupp Steel Europe, Segerath, who is also a member on Thyssenkrupp AG’s supervisory board, said such a joint venture had never been the goal of employees but it was still the better alternative. (Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Maria Sheahan)

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