Tata Steel Gets Regulatory Approval for UK Pension Deal
India’s Tata Steel has received regulatory approval for a UK pension deal, it said on Friday, paving the way for a possible merger between its British and European steel assets and those of Germany’s Thyssenkrupp.
With the new agreement coming into effect, the UK pension scheme will be separated from Tata Steel UK and a number of affiliates, the company said. (http://bit.ly/2vt3uAD)
Tata Steel will pay 550 million pounds into the British Steel Pension Scheme and will also give one of Britain’s largest final salary pension schemes a 33 percent equity stake in Tata Steel UK Ltd.
The terms of the deal are in line with those outlined by Tata Steel earlier this year.
Read More: New York Times
