Monday, March 05, 2007

Corus to become Tata Steel's subsidiary in April

The Anglo-Dutch steel giant Corus will be delisted from the stock exchanges and become a subsidiary of Tata Steel next month after its shareholders approve the Indian company's takeover proposal.

Tata Sons chairman Ratan Tata, who would also head the European company after the transaction is completed, today said an integration committee would be formed to oversee the merger of the newly acquired company.

Speaking to reporters after a meeting with Corus chairman James Leng here, Tata said that the committee, headed by him, would be formed soon and would comprise representatives from both Corus and Tata Steel.

He said Corus shareholders would consider Tata Steel's 11.3 billion dollar offer to acquire Corus at an Extraordinary General Meeting on March 7.

Once the shareholders approve the proposal, Corus would be delisted from the stock exchanges and would function as a subsidiary of Tata Steel from April, he said.

Link to The Hindu News Update Service


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