Thyssenkrupp abandons Tata merger plans, cuts 6,000 jobs

FRANKFURT AM MAIN: German industrial conglomerate Thyssenkrupp said Friday it was scrapping merger plans with Indian steel giant Tata and would slash 6,000 jobs worldwide in a structural shakeup.

Having shelved the plans and ruled out offering more concessions to Brussels in order to get a green light, Thyssenkrupp said it was now aiming for a stock market listing of its elevators business as part of a restructuring. Kerkhoff declined to give any details on the planned IPO of its elevators unit:"as to the right price and the right time, we can't say anything".

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