Tata Steel – Would be merger be of any value?

Hi, today morning an announcement came that the Tata group will be merging all its Metal companies into Tata Steel. The companies being merged include :-

• Tinplate : Shareholders will get 33 shares of Tata Steel for 10 shares of the company.

• Tata Metaliks : Shareholders will get 79 shares of Tata Steel for 10 shares of the company.

• Tata Steel long : Shareholders will get 67 shares of Tata Steel for 10 shares of the company.

• TRF : Shareholders will get 17 shares of Tata Steel for 10 share of the company.

Have pasted the original announcement.
I don’t think the dates have been announced yet.

Would this merger bring any value unlocking in your opinion?
What would be the major positives & negatives?

The first reaction seems to be downside as most of the companies have opened gap down.