Tata’s revised acquisition

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. Details of the terms of the original Acquisition, which was recommended by the Board of Corus, were set out in the scheme document posted to Corus Shareholders on 10 November 2006 (the Scheme Document). In accordance with the Auction rules published by the Panel on 26 January 2007, following this announcement, Tata Steel will be seeking a recommendation for the Revised Acquisition from the Board of Corus. It is anticipated that, subject to a number of factors, including the timetable requirements of the Court, satisfaction of the Conditions and receiving a recommendation for the Revised Acquisition from the Board of Corus, the Effective Date and the despatch of consideration pursuant to the Scheme to Corus Shareholders will occur around the middle of March 2007.
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