Tata Steel outbids CSN to buy Corus

January 31: Tata Steel of India yesterday won the battle to take over Anglo-Dutch steelmaker Corus at an auction held in London.
The deal creates the world’s fifth-largest steel producer with crude steel output of 23.5m tonnes a year, of which up to 1.65m tonnes are tin mill products for canmaking.
Tata’s £6.08 (US$12) per share offer, which values Corus at around £6.2bn ($12.2bn), beat that of its Brazilian rival CSN by £0.05 ($0.10) per share after more than eight hours of bidding.

To continue reading,
please login or subscribe to The Canmaker

Recent Articles