Tata Steel wins bid for Corus

Tata Steel wins bid for Corus

Tuesday, 30 January 2007, 06:00 Hrs
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London: India's Tata Steel won the bidding race for Anglo-Dutch steel-maker Corus Group by agreeing to offer investors 608 pence a share in cash or $11.3 billion (480 billion).

Tata Steel thus becomes the fifth largest steel-maker in the world.

Britain's Takeover Panel, the country's watchdog on mergers and acquisitions, said in a statement that Tata Steel had topped Brazilian Companhia Siderurgica Nacional's (CSN) final offer of 603 pence a share following a three-month tussle between the duo.

The auction process started at 1630 GMT Tuesday, the close of trading in London where Corus shares ended 0.5 percent higher at 563 pence.

The British Takeover Panel had asked Corus to sell itself to the highest bidder, as three months of bidding and counter-offers had failed to produce an outright winner, officials said.

CSN and Tata Steel of India were the frontrunners for acquiring Corus.
Source: IANS
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