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| Tata poised for £5bn Corus offer | Tata poised for £5bn Corus offer |
| (2 days later) | |
| India's Tata Steel is close to making a £5bn ($9.3bn) bid for Anglo-Dutch steel firm Corus, the BBC has learned. | |
| If successful it would be the largest Indian takeover of a foreign company and create the world's fifth-largest steel firm. | If successful it would be the largest Indian takeover of a foreign company and create the world's fifth-largest steel firm. |
| Last week, Tata Steel, part of the Tata conglomerate, said it was looking at potential takeovers "including Corus". | Last week, Tata Steel, part of the Tata conglomerate, said it was looking at potential takeovers "including Corus". |
| The Sunday Telegraph has reported that Tata has lined up a £3.5bn ($6.5bn) financing deal for the acquisition. | |
| Consolidation | Consolidation |
| Rapid economic growth in developing countries including China and India is creating huge demand for steel and many firms are looking to add to their steel-making assets. | Rapid economic growth in developing countries including China and India is creating huge demand for steel and many firms are looking to add to their steel-making assets. |
| But as Chinese steel production soars, other manufacturers are trying to consolidate so they can cut costs and stay competitive. | But as Chinese steel production soars, other manufacturers are trying to consolidate so they can cut costs and stay competitive. |
| Earlier this year Mittal Steel bought rival Arcelor for $34bn, creating the world's biggest steel maker. | Earlier this year Mittal Steel bought rival Arcelor for $34bn, creating the world's biggest steel maker. |
| Tata Steel is a small steel producer by global standards, but has the backing of the giant Tata Group, one of India's largest companies with interests as diverse as carmaking, communications, tea and oil. | Tata Steel is a small steel producer by global standards, but has the backing of the giant Tata Group, one of India's largest companies with interests as diverse as carmaking, communications, tea and oil. |
| Corus was created after British Steel merged with Dutch firm Hoogovens in 1999 and has shed thousands of jobs in recent years. | Corus was created after British Steel merged with Dutch firm Hoogovens in 1999 and has shed thousands of jobs in recent years. |
| It employs 47,300 people worldwide and reported a pre-tax profit of £580m last year. | It employs 47,300 people worldwide and reported a pre-tax profit of £580m last year. |