A workers’ group of Tata Steel’s Netherlands unit has raised concerns over the proposed Tata Steel-Thyssenkrupp merger of their steel operations in Europe in a 50:50 joint venture.
The major concern of Central Works Council (CWC) of Tata Steel Netherlands (TSN) is that, as per the MoU, the supervisory board of TSN will no longer be independent and that TSN’s board of directors will not be properly constituted, a company statement said.
However, Hans Fischer, CEO of Tata Steel’s European operations has assured that the company will follow due diligence in consultation with all relevant stakeholders as Tata Steel progresses in the transaction.
“We have now entered a period of due diligence with Thyssenkrupp following the signing of the MoU,” he said.
Discussions held
He said the company has held a number of meetings and had constructive discussions and briefings with groups representing “our employees,” including the European Works Council, the CWC and the U.K. Steel Committee besides the Supervisory Board and Board of Management of TSN
