'... that work is done. The task is to reallocate what has been built, with the courage of a founder and the discipline of an owner.'
Tata Steel more than doubled its Indian capacity through acquisitions and expansion, strengthening cash generation as it pursued a costly restructuring of its European operations.
While the latest trigger for him stepping down could be the uncertainty around his renewal as a director at the AGM, which is otherwise a routine matter, Chandra may have been contemplating quitting for some time now because of the overall turbulence with the principal shareholder on the leadership issue.
The rating agency said it has affirmed and withdrawn long and short term Issuer Default Rating of 'BB' and 'B' and 'BB-' rating on Corus' Euro 800 million 7.5 per cent senior notes.
The Tata Steel group - comprising Tata Steel and Corus Group, the European steel maker it acquired in January on Wednesday took decisive steps towards integration by setting up a new organisation structure that will become effective January 1, 2008.
The acquisition is scheduled to take effect from April 2
Tata Steel had made an offer to buy out UK-based Corus at 455 pence per share taking the enterprise value of the company to $10 billion.
The demand comes close on the heels of Community, which represents more than 80 per cent of the company's UK employees, seeking talks with the Tata group
The European Commission on Friday approved Tata Steel's proposed acquisition of Anglo-Dutch steelmaker Corus.
Indian conglomerate Tata Group's $12 billion takeover of Anglo-Dutch giant Corus Group Plc reached its culmination with the deal coming into effect from making Tata Steel the world's fifth largest steel firm.
Pension trustees of Corus Group have hired Penfida Partners to weigh the proposals placed by Tata Steel and CSN to acquire the Anglo-Dutch steelmaker.
Bankers and brokers allied to Brazil's Companhia Siderurgica Nacional scaling up their combined stake in the company to over 19 per cent.
Analysts tracking Corus said the steel company's workers had witnessed nearly 8,000 job cuts in the last eight years and were, therefore, apprehensive of Tata Steel's intentions.
The High Court in Britain has approved the $12 billion take over of Anglo- Dutch steel maker Corus Group by the Indian Steel giant Tata Steel. The deal is expected to be completed by early next week.
A statement issued on Thursday by Corus said the consultation process within the company identifies 2,045 jobs as being at risk. Some 1,500 of these are in the company's production facilities -- around 800 at the engineering steels sites, mainly Rotherham and Stocksbridge; about 370 in Corus Tubes in the UK and the Netherlands; and about 375 at downstream rolling and finishing plants in Teesside and Scotland.
Brazilian steel major makes counter-bid at 4.75 a share.
Meet Arunkumar Ramanlal Gandhi. The head of the M&A activities in the Tata Group, who called up Tata to convey Tata Steel's victory.
The UK takeover panel sets January 30 deadline for Tata Steel and CSN to announce revised offer for Corus.
Corus Group chairman Jim Leng will receive an addition payment of pound 750,000 (Rs 6.41 crore) for turning around the Anglo-Dutch steel maker in the past two years.
The Tata Steel board will meet shortly to take stock of the situation arising out of Brazilian steel-maker Companhia Siderurgica Nacional's move
Corus Group Plc, on Wednesday reported a nearly three-fold jump in profit for the third quarter ended September, said it was awaiting a final offer from Brazil's CSN.
The stage appears set for a battle royale between Indian corporate giant Tata Steel and Brazil's CSN for acquisition of Anglo-Dutch steel maker Corus, with both the suitors reportedly willing to raise their bids.
The market is both taking a short-term view and a harsh view. We often damn a company when it makes a loss in a single year.
Tata Steel said on Tuesday its Board will meet on April 17 to discuss plans for funding the $12 billion acquisition of Anglo-Dutch firm Corus Group Plc.
Tata Steel may opt for a rights issue to raise funds to finance its $13.13 billion purchase of the Corus group
Corus Group Plc on Friday said it will list 46.8 million additional equity shares for trading on the London Stock Exchange.
Even as Tata Steel mulls over its next move in the race for Corus Group, its rival suitor Companhia Siderurgica Nacional
Bankers familiar with the development said CSN, which announced on Friday that it might trump a 455-pence-a-share offer from Tata with a bid worth 475 pence, was prepared to offer "much more" for Corus if needed.
Tata Steel was prepared to make a hostile bid of £4.2 billion (nearly $7.79 billion) if its favoured option of a friendly merger was rejected, the UK newspaper reported.
Do you think this acquisition further fortifies the belief that India is a rising giant? Are you happy with the Tatas managing to beat Brazil's CSN to buy Corus? Do you think the Tata Group is set for big growth in the future? Tell us.
The nine-round auction called by the UK Takeover Panel to decide the winner between the two suitors began at 2200 hrs Indian time (1630 hrs GMT) and will end the slugfest that has been on for three months.
Shares of Corus Group Plc, surged by 1.12 per cent in trading on Friday on reports that Tata Steel may revise its takeover offer, but stocks of the Indian company fell 1.67 per cent on the bourses.
Close on the heels of the Tatas revising their bid for Corus to $9.2 billion by offering a price of 500 pence per share, the Brazilian steel firm CSN offered 515 pence a share for acquiring Corus.
Tata Steel's $12-billion takeover of Britain's largest steel maker Corus Group Plc in early 2007 not only catapulted the Indian conglomerate to the global corporate centre-stage, but also gave other domestic companies the self-belief of taking on multinationals much bigger in size.
Tata Steel on Tuesday said it will sell equity shares worth $2.3 billion in domestic and overseas markets, besides $6.1 billion in debt to fund acquisition of Anglo-Dutch firm Corus Group Plc.
With a bid of 608 pence a share, Indian corporate giant Tata Steel outsmarted CSN's 603 pence a share offer during the night-long auction process.
