Tata Steel set for trade union talks in UK.
A source close to the talks told the newspaper
that Tata Steel and ThyssenKrupp could formalise the deal within weeks, even if
the pension issue has not been resolved, but the tie-up would be contingent on
resolving the pensions dispute.
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| Free Stock Tips |
Indian steel
giant Tata Steel is set for what are believed to be crunch talks with trade
union representatives of its UK steelworks to settle the deadlock over a
15-billion-pound pension scheme for its workers, the main obstacle in its
merger with German rival ThyssenKrupp.
The company has reportedly called two days of
pension talks to try to secure a merger of its European operations with those
of ThyssenKrupp.
According to 'The Sunday Times', the main
focus will be on breaking a deadlock over a 15-billion-pound pension scheme the
main obstacle to a rescue of its Port Talbot unit in Wales.
A source close to the talks told the newspaper
that Tata Steel and ThyssenKrupp could formalise the deal within weeks, even if
the pension issue has not been resolved, but the tie-up would be contingent on
resolving the pensions dispute.
The British Steel Pension Scheme is in huge
deficit and Tata and ThyssenKrupp are reluctant to saddle their new joint
venture with the pensions of 130,000 retired and working members.
The government under former Prime Minister
David Cameron had proposed a law change to reduce payouts by altering the
inflation link for rises.
However, the new Theresa May led government is
not in favour of the plan.
The required change to the UK Pensions Act
1995 would probably have faced heavy opposition in the House of Commons because
of fears of setting a precedent for other companies that want to offload their
final salary pension burdens.
Tata Steel said it "continues to
responsibly develop options to identify the best prospects for the future
sustainability of our UK operations and the best outcome for members of the
British Steel Pension Scheme".
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