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Thyssenkrupp CEO says new Tata management still wants steel deal

Reuters - UK Focus

ESSEN, Germany, Nov 24 (Reuters) - Thyssenkrupp (Amsterdam: TH6.AS - news) has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of the German group, Thyssenkrupp (IOB: 0O1C.IL - news) 's chief executive said.

Tata Sons this month put in place a new management team for the $100 billion steel-to-software group, days after its board ousted Chairman Cyrus Mistry and disbanded his advisory council, triggering a public spat between him and patriarch Ratan Tata.

"The new management has told us personally it still sees the rationale," Heinrich Hiesinger told a news conference after Thyssenkrupp reported 2015/16 results on Thursday.

Thyssenkrupp and Tata Steel (BSE: TATASTEEL.BO - news) had been in talks to merge their European steel units - which include assets in Britain, Germany and the Netherlands - but the negotiations were disrupted by Britain's vote to leave the European Union and then thrown into question by the management turmoil at Tata.

(Reporting by Georgina Prodhan; Editing by Harro ten Wolde)