Tatas seek EC nod for Corus
Tata Steel has approached European regulators on its proposed 8.1 billion dollar bid to acquire Anglo-Dutch steelmaker Corus.
European Commission, the 25-nation European Union’s regulator, will rule by January 3, a Bloomberg report said.
The Commission can approve the deal, open a four-month probe or refer it to national regulators, the report said, quoting an EC statement.
When contacted, a Tata Steel spokesperson told PTI: "Its a regular process in such cases. Whenever a company goes for a acquisition, it has to inform the concerned regulators." Even Mittal Steel had approached the Commission during its takeover battle for Luxembourg-based Arcelor.
The development follows the offer by Brazilian firm CSN, which last week approached Corus with an offer of 475 pence per share. The Commission can extend the January 3 deadline if rivals such as CSN complain.
Tata Steel had last month made a 455 pence per share offer, for a total bid amount of about 8.2 billion dollars, to acquire Corus Group Plc, Britain’s largest steel firm.
The takeover, if it goes through, would create the world’s fifth largest steel company with a capacity to produce 24 million tonnes of the metal.
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