01-31-2007, 10:46 AM
Don't know where this goes
http://news.bbc.co.uk/1/hi/business/6315823.stm
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Last Updated: Wednesday, 31 January 2007, 05:01 GMTÂ
<b>Indian firm wins race for Corus</b>
A bid from Tata kicked off the battle for Corus in October
A giant Indian corporation has won the battle to take over the Anglo-Dutch steelmaker Corus.
Tata Steel's bid for the steelmaker - which was created from the merger of British Steel and Hoogovens - beat that of its Brazilian rival CSN.
Britain's Takeover Panel said Tata had won after offering 608p per share, valuing Corus at £5.75bn ($11.3bn).
Corus employs 47,300 people worldwide, including 24,000 in the UK at plants at Port Talbot, Scunthorpe and Rotherham.
Tata, which is based in Mumbai (Bombay), previously said its takeover would not lead to job losses in the first phase.
The takeover will create the world's fifth-largest steel group.
The two-way battle for the firm began in October when Tata tabled a £4.1bn bid for the group and, in December, the Corus board recommended a revised £4.7bn offer from Tata.
But, just hours later the board confirmed it had approved a £4.9bn, offer from Rio de Janeiro-based CSN.
Tata eventually outbid its Brazilian rivals.
Last year Corus was the ninth largest steel producer in the world with 18.2 million tonnes of output. It banked pre-tax profits of £580m on turnover of £10.14bn.
Last year Tata Steel, part of the Indian conglomerate Tata Group, was ranked 56th in the list of steelmakers around the world with output of 5.3 million tonnes.
The Tata Group - which owns Tetley tea and Daewoo cars - has operations in more than 50 countries. <!--QuoteEnd--><!--QuoteEEnd-->
http://news.bbc.co.uk/1/hi/business/6315823.stm
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Last Updated: Wednesday, 31 January 2007, 05:01 GMTÂ
<b>Indian firm wins race for Corus</b>
A bid from Tata kicked off the battle for Corus in October
A giant Indian corporation has won the battle to take over the Anglo-Dutch steelmaker Corus.
Tata Steel's bid for the steelmaker - which was created from the merger of British Steel and Hoogovens - beat that of its Brazilian rival CSN.
Britain's Takeover Panel said Tata had won after offering 608p per share, valuing Corus at £5.75bn ($11.3bn).
Corus employs 47,300 people worldwide, including 24,000 in the UK at plants at Port Talbot, Scunthorpe and Rotherham.
Tata, which is based in Mumbai (Bombay), previously said its takeover would not lead to job losses in the first phase.
The takeover will create the world's fifth-largest steel group.
The two-way battle for the firm began in October when Tata tabled a £4.1bn bid for the group and, in December, the Corus board recommended a revised £4.7bn offer from Tata.
But, just hours later the board confirmed it had approved a £4.9bn, offer from Rio de Janeiro-based CSN.
Tata eventually outbid its Brazilian rivals.
Last year Corus was the ninth largest steel producer in the world with 18.2 million tonnes of output. It banked pre-tax profits of £580m on turnover of £10.14bn.
Last year Tata Steel, part of the Indian conglomerate Tata Group, was ranked 56th in the list of steelmakers around the world with output of 5.3 million tonnes.
The Tata Group - which owns Tetley tea and Daewoo cars - has operations in more than 50 countries. <!--QuoteEnd--><!--QuoteEEnd-->