Tata Steel completes $12 billion acquisition of Corus Group

Tata Steel completes $12 billion acquisition of Corus Group
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First Published: Tue, Apr 03 2007. 02 59 AM IST
Updated: Tue, Apr 03 2007. 02 59 AM IST
London:Tata Group’s $12 billion (Rs52,800 crore) takeover of Anglo-Dutch giant Corus Group Plc reached its culmination with the deal coming into effect from Monday, making Tata Steel the world’s fifth-largest steel firm. The Anglo-Dutch steel giant on Monday announced the scheme of arrangement related to the company’s takeover by Tata Steel at a price of 608 pence per share has now become effective. With this, Corus has become a subsidiary of Tata Steel, which now has about 24 million tonnes of production capacity. Today’s announcement came after the approval of the deal by Corus shareholders on 7 March and by a UK court on 27 March and suspension in trading of Corus shares on 30 March.
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First Published: Tue, Apr 03 2007. 02 59 AM IST
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