Tata Steel wins battle for Corus

Indian company outbids Brazilian rival in auction for steelmaker Corus.

    The takeover would make the company the fifth-largest steel-maker in the world [GALLO/GETTY]
    Corus's board will make a recommendation on the respective bids later on Wednesday, the spokeswoman said.

    "The final bids have been confirmed," she said. "The board will recommend [on Wednesday] and then it will go to a shareholders vote three to four weeks after that."

    In December, Corus backed bids from both Tata and CSN and the Takeover Panel imposed the auction last Friday to settle the dispute.
      
    Corus employs 47,300 people across the world, including 24,000 in Britain and 11,400 in the Netherlands.
      
    Tata Steel is part of the wider Tata group that includes a wide range of business interests from tea to software to automobiles.
    It has an annual turnover of $3.8bn while Corus has $18bn.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    Why a hipster, vegan, green tech economy is not sustainable

    Why a hipster, vegan, green tech economy is not sustainable

    Improving eco-efficiency within a capitalist growth-oriented system will not save the environment.