Tata-Corus deal expected to be through by mid-Jan
The acquisition of Anglo-Dutch steel company Corus by Tata Steel is expected to be completed by middle of January 2007.
Mr B Muthuraman, Managing Director, Tata Steel said on Monday that the extraordinary general meeting of the company would be held on December 4 and the deal was expected to be through by mid-January.
Asked whether Tata Steel was worried about potential counter bid for Corus, he said the Indian company made a bid at fair value, which was 455 pence per share of Corus. "This is a fair value and there is a process which is being carried forward," he adde d. Mr Muthuraman said that any question on this front would be disfavouring the nation.
He said there were a lot of synergies between Tata Steel and Corus in the areas of marketing, manufacturing, logistics and distribution, adding that profitability margin of both the companies would go up after acquisition.
Tata Steel had offered to buy out 100 per cent stock of Corus through an all cash offer valued at £4.2 billion. Mr Muthuraman said: "We want to make Corus a part of Tata group." – PTI
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