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| Corus confirms a proposal from Tata Steel Corus Group Plc of Britain confirmed that it has received a proposal from Tata Steel regarding a possible recommended offer for Corus at a value of 455 pence per share in cash and that discussions are taking place between Corus and Tata Steel. Tata Steel, part of the larger Tata Group, have made a bid for £4.1 billion ($7.6 billion) to acquire a company seven times its size, valuing Corus at $10.2 billion, including debt. There can be no certainty that an offer will be made. The Board of Corus will make a further announcement as appropriate. Under the provisions of the Takeover Code, if any person is, or becomes, "interested" in 1% or more of any class of "relevant securities" of Corus, all "dealings" in any "relevant securities" of that company must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. write your comments about the article :: © 2006 Construction News :: home page |