Tata Steel wins Corus Bid
A great moment for India! Tata Steel is all set to become the world's fifth biggest steel company, as it won a bid battle with the Brazilian Companhia Siderurgica Nacional (CSN). Tata Steel acquired the Anglo-Dutch steelmaker Corus Group by paying 5.75 billion pounds ($11.3 billion). It offered 608 pence per share in cash, outsmarting CSN's final bid of 603 pence. Tata Steel was declared winner after 9 rounds of bidding process.Tata's bid to take over Corus raised eyebrows in the Western world and it became a major tussle between the steelmakers. Both CSN and Tata Steel were keen to buy Corus to become significant players in the steel industry. Last year, Mittal Steel bought Luxembourg's Arcelor to create the world's biggest steelmaker, Arcelor Mittal. CSN has the upper hand just ahead of the auction after it has made a bid worth $9.6 billion. However, Tata Steel had the last laugh.
posted by Admin @ 9:21 AM
2 comments
2 Comments:
Yes indians should be proud about it.The trend of creating MNCs started happening in a big way.The following report on creating the indian MNC sheds more light on this topic.
http://blogs.ibibo.com/ViewComments.aspx?mid=f51fc55e-3bd7-4160-8223-689d3e1c27f8&sf=1&blogid=40b0dcbb-0263-4770-95b0-05b44e8f25c6
This is making news here in the US as well. Seems the whole work is talking about the rise of Indian MNC's.
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