After conversations with the European Commission on May 10th, together with Tata Steel we expect that the planned joint venture of our European steel activities will not go ahead due to the Commission's continuing concerns.
With the expected unsuccessful outcome of the steel joint venture, our Executive Board has reassessed the strategic options for the company and will propose to the Supervisory Board to not go ahead with the planned separation into two independent companies.
The effects of the economic situation on our businesses and the current capital market environment mean that the separation cannot be implemented as planned.
Instead, we will fundamentally realign our strategy to significantly improve our operating performance. As part of this new strategy, our Executive Board of will also propose an Initial Public Offering (IPO) of Elevator Technology to the Supervisory Board.