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


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