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Corus expensive, but worth it: Tata
January 31, 2007 11:46 IST
Prices went up when investors came in and increased the price after Tata's preliminary bid of 455 pence a share and before it was challenged by Brazil's CSN, he said.
"But we have to pay for getting the company... as a prudent management, we had taken a view that we would not go beyond a point... we did not reach that point... had we reached, we would have walked away," Tata said.
He dismissed suggestions that the group had overbid for the acquisition of Corus, saying: "Overbidding or not is subjective when it comes to a judgement call."
Tata Steel vice president (finance) Koushik Chatterjee said that the offer puts an equity value of $12.1 billion and enterprise value of $13.65.