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| Version 1 | Version 2 |
|---|---|
| Indian firm wins race for Corus | Indian firm wins race for Corus |
| (10 minutes later) | |
| A giant Indian corporation has won the battle to take over the Anglo-Dutch steelmaker Corus. | A giant Indian corporation has won the battle to take over the Anglo-Dutch steelmaker Corus. |
| Tata Steel's bid for the steelmaker - which was created from the merger of British Steel and Hoogovens - beat that of its Brazilian rival CSN. | Tata Steel's bid for the steelmaker - which was created from the merger of British Steel and Hoogovens - beat that of its Brazilian rival CSN. |
| Britain's Takeover Panel said Tata had won after offering 608p per share, valuing Corus at £5.75bn ($11.3bn). | Britain's Takeover Panel said Tata had won after offering 608p per share, valuing Corus at £5.75bn ($11.3bn). |
| Corus employs 47,300 people worldwide, including 24,000 in the UK at plants at Port Talbot, Scunthorpe and Rotherham. | Corus employs 47,300 people worldwide, including 24,000 in the UK at plants at Port Talbot, Scunthorpe and Rotherham. |
| Tata, which is based in Mumbai (Bombay), previously said its takeover would not lead to job losses in the first phase. | Tata, which is based in Mumbai (Bombay), previously said its takeover would not lead to job losses in the first phase. |
| The takeover will create the world's fifth-largest steel group. | The takeover will create the world's fifth-largest steel group. |
| 'Big player' | 'Big player' |
| Tata Steel director J J Irani said the acquisition of Corus would help "improve our negotiating power in the global steel market." | Tata Steel director J J Irani said the acquisition of Corus would help "improve our negotiating power in the global steel market." |
| It is a two-way street now. Not only India is seeking foreign investment, but Indian companies are emerging investors in other countries Kamal NathIndia's Commerce Minister | |
| He told India's NDTV television: "From a small player, we will now become a big player in the world market." | He told India's NDTV television: "From a small player, we will now become a big player in the world market." |
| Yet shares in Tata Steel fell 6% in morning trading in Mumbai, as investors worried about the deal's short term financial impact on the Indian firm. | |
| India's Commerce and Industry Minister Kamal Nath welcomed the deal and said: "It is a two-way street now. Not only India is seeking foreign investment, but Indian companies are emerging investors in other countries." | India's Commerce and Industry Minister Kamal Nath welcomed the deal and said: "It is a two-way street now. Not only India is seeking foreign investment, but Indian companies are emerging investors in other countries." |
| The two-way battle for the firm began in October when Tata tabled a £4.1bn bid for the group and, in December, the Corus board recommended a revised £4.7bn offer from Tata. | The two-way battle for the firm began in October when Tata tabled a £4.1bn bid for the group and, in December, the Corus board recommended a revised £4.7bn offer from Tata. |
| But, just hours later the board confirmed it had approved a £4.9bn, offer from Rio de Janeiro-based CSN. | But, just hours later the board confirmed it had approved a £4.9bn, offer from Rio de Janeiro-based CSN. |
| Analysts say the deal is a big gamble by Tata's chairman Ratan Tata | Analysts say the deal is a big gamble by Tata's chairman Ratan Tata |
| Tata eventually outbid its Brazilian rivals. | Tata eventually outbid its Brazilian rivals. |
| Last year Corus was the ninth largest steel producer in the world with 18.2 million tonnes of output. It banked pre-tax profits of £580m on turnover of £10.14bn. | Last year Corus was the ninth largest steel producer in the world with 18.2 million tonnes of output. It banked pre-tax profits of £580m on turnover of £10.14bn. |
| Tata Steel, part of the Indian conglomerate Tata Group, was last year ranked 56th in the list of steelmakers around the world with output of 5.3 million tonnes. | |
| The Tata Group - which owns Tetley tea and Daewoo cars - has operations in more than 50 countries. | The Tata Group - which owns Tetley tea and Daewoo cars - has operations in more than 50 countries. |