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| Corus Group accepts bid from Tata Steel  Tata Steel and Corus announced their agreement on the terms of the recommended acquisition of the entire issued and to be issued share capital of Corus at a price of 455 pence in cash for each Corus Share, valuing Corus at £4.3 billion. Tata Steel is India's largest private sector steel company with 2005/06 revenues of US$5.0 billion and crude steel production of 5.3 million tonnes across India and South-East Asia. It is a vertically integrated manufacturer and is one of the world's most profitable and value creating steel companies.Corus is Europe's's second largest steel producer with revenues in 2005 of £9.2 billion and crude steel production of 18.2 million tonnes, primarily in the UK and the Netherlands. The combination is strategically compelling, creating fifth largest global steel producer with pro forma crude steel production of 23.5 million tonnes in 2005. The acquisition will be made by Tata Steel UK, a wholly-owned indirect subsidiary of Tata Steel. write your comments about the article :: © 2006 Construction News :: home page |