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 focus will be on breaking a deadlock over a £15-billion pension scheme — the main obstacle to a rescue of its Port Talbot unit. 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.