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The supervisory board of the German steel giant Thyssenkrupp today accepted the resignation of its CEO Heinrich Hiesinger in "mutual agreement" and reiterated his support for a merger with Tata Steel.
Hiesinger made a shocking announcement He came a few days after joining the president of Tata Steel N Chandrasekaran at a joint press conference in Brussels to welcome a "new steel champion in Europe" following an agreement on a joint venture with the Indian steelmaker.
In a statement after a meeting of the board of directors today, Thyssenkrupp Chairman of the Supervisory Board Ulrich Lehner said the company remains committed to the Indian joint venture, which is expected to create the second steel mill in Europe after Arcelor de Lakshmi N Mittal. Mittal
"In this difficult situation for the company, it is initially necessary to stay the course … This includes the realization of the steel joint venture." We have reached an important milestone with the signature ", Said Lehner, in reference to the final agreement signed with Tata last week.
He also hailed the leadership of Hiesinger of the German steel giant over the past seven years. the company of his disappearance and changed it durably.In his time, he created the basis for Thyssenkrupp to exist as a strong industrial society according to the principles of the foundation, "said Lehner, adding that his decision to resign at this stage "deserves our highest esteem and respect". 19659002] The supervisory board of the company has asked the board of directors – including Guido Kerkhoff, Oliver Burkhard and Donatus Kaufmann – to head without a general manager for the moment because Hiesinger's successor will be appointed following a " structured process ".
Hiesinger is considered to have played a pivotal role in the conclusion of the JV 50-50 agreement with Tata Steel, which is expected to create a mega-steel company with 48,000 employees and sales of $ 17 billion. 39 euros after all regulatory approvals.
Thyssenkrupp would receive 55 percent of the proceeds from the sale and would be able to dictate the timing of any issue.
However, according to reports, this al did not satisfy all the shareholders of the German firm, some of them thought that Thyssenkrupp had the bad end of the case.
The merger was widely praised by labor unions in Britain as the best solution for securing the long term. the future of Tata Steel's UK operations.
The Indian company owns the largest steel mill in the United Kingdom in Port Talbot, South Wales, employing thousands of employees.
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