Anglo-Dutch steel group Corus said this morning that it would support the 455 pence a share bid from Indian conglomerate Tata. The bid values Corus, formed in 1999 when Holland’s Hoogovens was effectively taken over by British Steel, at £4.3 bn.
There have been weeks of speculation that Tata was poised to bid for Corus, which itself has been looking for a partner for over a year. In a statement, Corus said that being taken over by Tata would enable the company to compete on a worldwide scale. The price – below Corus’s current trading price – was an attractive one for shareholders, Corus said. Corus closed in London on Thursday at over 478.5 pence but opened lower this morning. Analysts said investors were gambling on a higher bid from a competitor.
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