Steel sale

25 April 2008

The board of Anglo-Dutch steel producer Corus has approved a UK£ 4.3 billion (US$ 8.04 billion)acquisition bid from India-based Tata Steel but the deal has yet to be accepted by shareholders. Tata’s offer of UK£ 4.55 (US$8.51) per share is based on a +26.2% premium on Corus’ average share price in the last 12 months. However, Corus’ shares rose to UK£ 4.74 (US$ 8.86) following the announcement, indicating a higher offer may be required.

If the merger goes ahead, the new company will be the world’s fifth largest steel producer with a combined output of 22.5 million tonnes and will be the largest ever foreign investment by an Indian company.

Construction
STAY CONNECTED



Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up

CONNECT WITH THE TEAM
Andy Brown Editor, Editorial, UK - Wadhurst Tel: +44 (0) 1892 786224 E-mail: [email protected]
Neil Gerrard Senior Editor, Editorial, UK - Wadhurst Tel: +44 (0) 7355 092 771 E-mail: [email protected]
Catrin Jones Deputy Editor, Editorial, UK – Wadhurst Tel: +44 (0) 791 2298 133 E-mail: [email protected]
Eleanor Shefford Brand Manager Tel: +44 (0) 1892 786 236 E-mail: [email protected]
CONNECT WITH SOCIAL MEDIA