German workers on Monday approved their union’s results in talks with Tata SteelBSE -4.07 % and ThyssenKrupp’s steel division ahead of a planned merger — but the vote does not remove all obstacles to the tie-up.
Some 92.2% of IG Metall members polled agreed to executives’ guarantee not to slash jobs or close ce of guarantees does not mean the deal can immediately go ahead. “Only the supervisory board can decide that, and it’s far from certain whether worker representatives will agree,” Wetzel continued.
IG Metall has commissioned expert studies on whether the merged companies would be economically viable, it said. in open until 2021under the deal.
But if the merger is completed, ThyssenKrupp — a sprawling group that also makes products ranging from car parts to elevators and submarines — has also said it will invest “at least” 400 million per year in its German steel works and retain workers’ voting rights on the supervisory board.
