Tuesday, April 03, 2007

Steel deal goes through as court approves Corus sale

 The creation of the world's fifth-largest steel producer was completed yesterday after court approval of Indian giant Tata's £6.2bn acquisition of Anglo-Dutch company Corus. The 608p a share deal was approved by the High Court a month after Corus shareholders voted overwhelmingly in favour of the sale of the former British Steel firm to Tata in an extraordinary general meeting. The combined group will produce 27 million tonnes of steel a year, hold a presence in 45 countries and have 84,000 employees across Europe, Asia, the United States, and Australia. Yesterday's ruling brought to a close the protracted takeover of Corus six months after Tata first tabled an initial £4.1bn bid in October last year.


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