German industrial conglomerate Thyssenkrupp AG (TKA.XE) said Monday talks about a possible tie-up of its steel operations with Indian competitor Tata Steel Ltd. (500470.BY) are progressing and an agreement is possible by the end of September.
"Talks are constructive and negotiations are approaching a conclusion," a Thyssenkrupp spokesman said.
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Thyssenkrupp has been exploring strategic options for its steel business, including merging it with Tata's European steel business, as the German company shifts focus to its less volatile industrial goods and services business.
Thyssenkrupp said it is postponing a supervisory board meeting scheduled for Tuesday so that management can inform supervisors "adequately about the state of the talks."
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(END) Dow Jones Newswires
September 11, 2017 10:23 ET (14:23 GMT)