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Indian firm wins race for Corus India's Tata wins race for Corus
(about 2 hours later)
A giant Indian corporation has won the battle to take over the Anglo-Dutch steelmaker Corus. Indian firm Tata Steel has won the battle to take over 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's bid for the European 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 JJ 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 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 class="" href="/1/hi/business/6069492.stm">Q&A: Corus takeover
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.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 TataAnalysts 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.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.