WINS OVERTata Steel has done it! The company has beat Brazil's CSN to acquire Corus. While CSN offered 603 pence per share for Corus, the Tatas bid 608 pence per share.
The Takeover Panel in an e-mailed statement said Tata Steel had agreed to offer Corus investors 608 pence per share in cash or 5.75 billion pounds. That works out to $11.3 billion.Tata Steel's bid is 34% higher than its original bid of 455 pence per share.
Chairman of TATA steel reaction after winning the bid was that there is a moment for fulfillment of india .Tata Steel officials were overjoyed, saying they felt “happy and elated” after the victory. Conceding the defeat, CSN officials said they bid the maximum they believe Corus was worth on the basis of synergies “acknowledged to be significantly higher than Tatas.”
It semed to have been a closely-contested auction as Tata Steel’s final offer was in the concluding ninth round.As auction went on till 9 rounds with a difference of not less than 5 pence in each round of auction. At the start of the marathon auction on Tuesday night in London, Tatas had made the first bid of 500 pence per share. From there on, the bids and counter bids continued with the final winning bid of 608 pence from the Tatas.
Tata Steel’s successful takeover of Corus Group Plc – Europe’s second-largest and the world’s eight-largest steelmaker - has catapulted it to fifth position among world’s top steel producers.
Indians stood on their neves till the end of auction period . As , every one knew that CSN has upper hand than TATA but there was a hope of doing something new by TATA.When it came to know that TATA took over CORUS every one was delighted . Finance minister P.CHIDABARAM and the government were very happy to an indian firm taking over europe's firm.
Thus , making our country india proud and giving a boost to indian business TATA will be remembered making it's position at the right top.
The Takeover Panel in an e-mailed statement said Tata Steel had agreed to offer Corus investors 608 pence per share in cash or 5.75 billion pounds. That works out to $11.3 billion.Tata Steel's bid is 34% higher than its original bid of 455 pence per share.
Chairman of TATA steel reaction after winning the bid was that there is a moment for fulfillment of india .Tata Steel officials were overjoyed, saying they felt “happy and elated” after the victory. Conceding the defeat, CSN officials said they bid the maximum they believe Corus was worth on the basis of synergies “acknowledged to be significantly higher than Tatas.”
It semed to have been a closely-contested auction as Tata Steel’s final offer was in the concluding ninth round.As auction went on till 9 rounds with a difference of not less than 5 pence in each round of auction. At the start of the marathon auction on Tuesday night in London, Tatas had made the first bid of 500 pence per share. From there on, the bids and counter bids continued with the final winning bid of 608 pence from the Tatas.
Tata Steel’s successful takeover of Corus Group Plc – Europe’s second-largest and the world’s eight-largest steelmaker - has catapulted it to fifth position among world’s top steel producers.
Indians stood on their neves till the end of auction period . As , every one knew that CSN has upper hand than TATA but there was a hope of doing something new by TATA.When it came to know that TATA took over CORUS every one was delighted . Finance minister P.CHIDABARAM and the government were very happy to an indian firm taking over europe's firm.
Thus , making our country india proud and giving a boost to indian business TATA will be remembered making it's position at the right top.
Following are the top ten steel makers (with annual production in millions of tonnes):
▪ Arcelor-Mittal (Luxembourg) - 109.7 MT
▪ Nippon Steel (Japan) - 32.0 MT
▪ Posco (South Korea) - 30.5 MT
▪ JFE (Japan) - 29.9 MT
▪ Tata-Corus (India) - 23.8 MT
▪ Baosteel (China) - 22.7 MT
▪ US Steel (USA) - 19.3 MT
▪ Nucor (USA) - 18.4 MT
▪ Riva (Italy) - 17.5 MT
▪ ThyssenKrupp (Germany) - 16.5 MT
▪ Arcelor-Mittal (Luxembourg) - 109.7 MT
▪ Nippon Steel (Japan) - 32.0 MT
▪ Posco (South Korea) - 30.5 MT
▪ JFE (Japan) - 29.9 MT
▪ Tata-Corus (India) - 23.8 MT
▪ Baosteel (China) - 22.7 MT
▪ US Steel (USA) - 19.3 MT
▪ Nucor (USA) - 18.4 MT
▪ Riva (Italy) - 17.5 MT
▪ ThyssenKrupp (Germany) - 16.5 MT
No comments:
Post a Comment