The boards ofTata SteelandCorushave announced that Tata will acquire Corus at a price of 455 pence in cash for each Corus Share, valuing Corus at £4.3bn.
Tata Steel is
India’s largest private sector steel company with 2005/06 revenues of $5bn and crude steel production of 5.3 million tonnes across
Indiaand
South-East Asia. It is a vertically integrated manufacturer and is one of the world’s most profitable steel companies. Tata Sons, Tata Steel and other Tata companies had combined revenues in 2005/06 of approximately $22bn. Tata Sons’ current investments are valued at approximately $50bn.
Corus is Europe's second largest steel producer with revenues in 2005 of £9.2bn and crude steel production of 18.2 million tonnes, primarily in the
UKand the
Netherlands
.
The acquisition will be made by Tata Steel UK, a wholly-owned indirect subsidiary of Tata Steel.
Autonomous minehunter RNMB Apollo passes trials
Thanks for this Andy. A close friend who is active in the RNR told me that they did a lot of the UK's minesweeping: it looks like I'll have to discuss further with him!