Tag: Tata Steel

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.

Tata Steel has announced that the Board of Corus Group Plc has recommended to its shareholders the revised acquisition by Tata Steel at its meeting held on 31st January 2007.

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.

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.

The Supreme Court of Orissa has given its nod to Tata Steel to go ahead with its steel plant project at Dubri in Jajpur district of Orissa, which was unable to take off because of the dispute on land allotment with the Kalinga Power Corp. Ltd.

Arcelor has announced strong third-quarter results, mainly driven by contributions from the Long Carbon Steel and Distribution Sectors.

Tata Steel (India) has said the company will focus on the minerals business and is prospecting for titanium dioxide, a key ingredient for paints and high-grade paper, along the Tamil Nadu coast.