Shareholders of Corus will meet on 7 March 2007 to formalize Tata Steel's takeover bid of 608 pence a share, following which the deal is expected to become effective on 2 April 2007.
Following the conclusion of the auction process conducted by the Panel in accordance with Rule 32.5 of the Code (the Auction), the Board of Tata Steel has announced the terms of a proposed increased Acquisition (the Revised Acquisition) at a price of 608 pence in cash per Corus Share, being 5 pence per share higher than the offer by Companhia Siderurgica Nacional (CSN) of 603 pence in cash per Corus Share.
India-based Tata Steel has won the bid for Corus at GBP 6.08 per share, valuing the company at USD 11.3 billion, or GBP 5.8 billion.
ThyssenKrupp would see some advantages in any future merger between its steel division and the British-Dutch concern Corus.
SFS intec's Construction Fasteners division has launched a range of irius-coated fasteners with Celestia by Corus metallic finishes for maximum aesthetic impact.
Steel24-7, a joint venture of Arcelor, Corus and Thyssenkrupp Steel, has announced that Jean-Claude Delobel has joined the company as CEO from 18 March 2002.