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Corus shareholders approve $12 b Takeover by Tata Steel |
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Written by Adiban_Maran
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Thursday, 08 March 2007 |
Shareowners of Corus Group have approved Tata Steel Ltd’s 6.2 billion-pound adoption of the UK steelmaker, closing the biggest overseas acquirement by an Indian company.
After following an extraordinary general meeting, the company said that investors representing 97 per cent of the shares back the purchase. The attainment is planned to happen on April 2 and Corus shares will stop dealing on securities market on March 29.
Corus Chief Executive Officer Philippe Varin said, “The intention of this acquisition is about growth, not about job losses.”
For Corus, Tata provided 608 pence per share in January, beating out a challenging offer from Brazil’s Cia. Siderurgica Nacional SA abiding by an order race, which survived three months.
The acquisition is the second largest in the industry, after Mittal Steel Co.’s $ 38.3 billion adoption of Arcelor SA, during last year.
Shares of Corus were at 605 pence at 12:17 p.m. in London today, valuing the steelmaker at about $ 11 billion. The stock was at 407.5 pence on October 5, when Tata said it was considering an alliance.
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