| Tata Steel to buy Corus for $8.1bn: Video |
| BS Reporter / Mumbai October 22, 2006 |
| CLICK HERE FOR VIDEO Corus Group, largest steelmaker in the UK, on Friday agreed to a friendly takeover bid by Tata Steel in a deal that values it at pound 4.3 billion (nearly $ 8.1 billion). Tata Steel, which had announced its indicative bid for acquisition of Corus on Tuesday, will pay 455 pence per share and 910 pence per American deppository share to Crous shareholders, the two companies said in a joint statement. Tata Steel has set up a wholly-owned indirect subsidiary, Tata Steel UK, for completion of the acquisition. "The proposed acquisition represents a defining moment for Tata Steel," chairman Ratan Tata said, adding the two companies "have compatible cultures of commitment to stakeholders and complementary strenghths in technology, efficiency, product mix and geograpgical spread." Tata Steel, post-acquisition, will emerge as world's 5th largest steel company from its current rank of 56. Corus is Europe's second largest steel producer with revenue |
