India's Tata Steel wins battle for Corus
Wednesday 31 January 2007
Indian conglomerate Tata Steel has won the battle for Anglo-Dutch steel concern Corus beating its Brazilian rival CSN in an auction in London on Tuesday night.
Tata Steel bid 608 pence per share, brining the total price above €8.7 bn. CSN stopped bidding at 603 pence. Corus shareholders are expected to vote on the final offer this morning, the BBC said.
CSN en Tata Steel have been fighting over Corus for three months. On Friday the British regulatory body, the Takeover Panel, announced that a decision on the new owner of Corus must be made by auction to avoid endless uncertainty about the future of the company and instigated a deadline.
The merger of Tata and Corus will create one of the biggest steel combines in the world. Corus is currently eighth in the world rankings, Tata is 55th, reports news agency ANP. Tata bid 500 pence a share for Corus in December. More to follow
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