ESSEN, Germany (Reuters) - Thyssenkrupp (DE:TKAG) has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of the German group, Thyssenkrupp's chief executive said.
Tata Sons this month put in place a new management team for the $100 billion (80.13 billion pound) steel-to-software group, days after its board ousted Chairman Cyrus Mistry and disbanded his advisory council, triggering a public spat between him and patriarch Ratan Tata.
"The new management has told us personally it still sees the rationale," Heinrich Hiesinger told a news conference after Thyssenkrupp reported 2015/16 results on Thursday.
Thyssenkrupp and Tata Steel (NS:TISC) had been in talks to merge their European steel units - which include assets in Britain, Germany and the Netherlands - but the negotiations were disrupted by Britain's vote to leave the European Union and then thrown into question by the management turmoil at Tata.