TATA finally take over Corus

After Indian borne industrialist MITTAL sparks in the steel world,its turn of one more Indian industrialist to get into top 5 of the steel industry
Indian steel giant,the TATA's has finally pipped Brazil's CSN to acquire Anglo-Dutch steelmaker Corus Group Plc at slightly more than $11 billion.CSN came out with a bid of 603 pence but TATA's came out with a bod of 608 pence.CSN officials confirmed pulling out of the race to acquire Europe's second-largest steel firm after a final offer of 603 pence a share. Tata Steel raised its final offer to 608 pence a share by the time the auction entered the concluding ninth round from 500 pence a share at the start of the auction.

Tata Steel's winning bid of $11.3 billion puts Corus Group's enterprise value, which includes debt, at more than $13 billion.

The takeover marks the largest acquisition by an Indian company and would propel the combined entity led by Tata Steel to the fifth rank in steel output in the world.

The nine-round auction called by the UK Takeover Panel began at 2200 hrs Indian time (1630 hrs GMT) on Tuesday.

Tata Steel had initially bid $9.2 billion (4.6 billion pounds) against CSN's higher $9.6 billion (4.9 billion pounds) last month, prompting the UK Takeover Panel to intervene and pick the winner through open bidding.

Under the auction norms, each suitor was required to raise bids by a minimum of five pence per share.

With this win, Tata Steel has now entered the big league of the global steel industry. Tata-Corus would have a combined production of more than 23 million tonnes.

Currently, Arcelor-Mittal is the world's largest company in this space, followed by Japan's Nippon Steel and South Korea's Posco.

The Corus acquisition would also help Tata Steel to be a 40 million tonne per year entity by 2012.

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