industry

Tata Steel GDR falls; ThyssenKrupp says merger on track


KOLKATA: Tata Steel GDR price fell sharply by 12.81% on Friday on the London Stock Exchange, even as ThyssenKrupp top executive reiterated that the merger of the European steel operations is progressing well.

The GDR ended the day’s trading at $8.44 apiece.

“There is hardly any liquidity in the GDR market and most of it has got fungible with the underlying Indian shares of Tata Steel,” a senior executive in the Tata group said. Please don’t read much into it,” he added.

Recent media reports had suggested that ThyssenKrupp is going slow on its proposed joint venture with Tata Steel Europe in the wake of management changes at the German industrial conglomerate.

In particular, the deal, signed in late June this year, was believed to be coming off after the exit of Heinrich Hiesinger, former chief executive of ThyssenKrupp, who was also the main driver behind the deal with Tata Steel.





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