Steel Industry: Tata buys Corus
{{date|January 31, 2007}}

[[Image:Tata-logo.gif|thumb|right|100px|Tata Group Logo]]

[[w:India|India]]'s steelmaker [[w:Tata Steel|Tata Steel]], of the [[w:Tata Group|Tata Group]], buys Anglo-Dutch [[w:steel|steel]] giant [[w:Corus Group|Corus Group]] for £6.7 billion ($12 billion), making it the world's [[w:List of steel producers|fifth largest steel manufacturer]]. 70-year-old Tata group Chairman Ratan Tata, from one of India's best-known business families, won the race against Benjamin Steinbruch, 52, a famous Brazilian executive who is the chief and main owner of Companhia Siderurgica Nacional (CSN). Tata paid investors 608 pence a share, whereas the Brazilians final offer in an auction by the U.K.'s Takeover Panel was 603 pence.

The deal triples Tata Steel's capacity to almost 28 million tons a year. Tata: "This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player." 

Corus, which was created from the merger of British Steel and Hoogovens, currently employs 47,300 people worldwide. Last year the company was the ninth-largest steel maker worldwide. 

The takeover may start a round of consolidation in the fragmented steel sector.

==Sources==
*{{source|url=http://www.bloomberg.com/apps/news?pid=20601102&sid=apTLFDMqe5Z0&refer=uk
|title=Tata Offers 6.2 Billion Pounds for Corus, Beats CSN 
|author=
|pub=Bloomberg
|date=January 31, 2007}}
*{{source|url=http://news.bbc.co.uk/2/hi/business/6315823.stm 
|title=India's Tata wins race for Corus
|author=
|pub=BBC News Online
|date=January 30, 2007}}
*{{source|url=http://money.cnn.com/2007/01/31/news/international/bc.corus.tata.reut/index.htm?section=money_mostpopular
|title=Tata Steel wins Corus with $12B offer
|author=
|pub=CNN
|date=January 30, 2007}}

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[[Category:United Kingdom]]
[[Category:Economy and business]]
[[Category:India]]
[[Category:Tata Group]]
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India's steelmaker Tata Steel, of the Tata Group, buys Anglo-Dutch steel giant Corus Group for £6.7 billion ($12 billion), making it the world's fifth largest steel manufacturer. 70-year-old Tata group Chairman Ratan Tata, from one of India's best-known business families, won the race against Benjamin Steinbruch, 52, a famous Brazilian executive who is the chief and main owner of Companhia Siderurgica Nacional (CSN). Tata paid investors 608 pence a share, whereas the Brazilians final offer in an auction by the U.K.'s Takeover Panel was 603 pence.

The deal triples Tata Steel's capacity to almost 28 million tons a year. Tata: "This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player." 

Corus, which was created from the merger of British Steel and Hoogovens, currently employs 47,300 people worldwide. Last year the company was the ninth-largest steel maker worldwide. 

The takeover may start a round of consolidation in the fragmented steel sector.
United Kingdom Economy and business India Tata Group