The Mukesh Ambani-led Reliance group ended 2007 by overtaking the Tata group in market capitalisation stakes and this despite the latter's acquisition of Corus steel. Last year's number one, the Tata group, is now a distant number two with a market capitalisation of Rs 3.20 trillion.
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.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
The panel may also decide on a sealed process where bidders' offers are final, or a standard auction held over a period of days.
Philippe Varin, chief executive officer of steel maker Corus, will take over as the chairman of the managing board of French car maker PSA Peugeot Citroen from June this year.
Corus, which was acquired by Tata Steel for 6.2 billion in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Corus, which was acquired by Tata Steel for 6.2 billion pounds in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Tata Steel's greenfield projects -- in Orissa, Chhattisgarh and Jharkhand -- were significant for Corus, which incurred high cost on raw materials, said sources close to Tata Steel.
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.
By July this year, Corus plans to close the operations of Corus Packaging Plus' Bergen (Norway) unit, which has a capacity of 150,000 tonnes and employs 260 people. Further, it might reduce the capacity of CPP's Trostre Works in South Wales by the year end, which could result in a reduction of 290 positions in operational and functional areas.
The battle for Anglo-Dutch steelmaker Corus is set to intensify with the UK takeover panel mulling over a rare intervention by arranging an auction between the two bidders - India's Tata Steel and Brazil's CSN.
Tata Steel's Anglo-Dutch Corus unit was starting consultations on job cuts due to the continued deterioration in market conditions and falling demand.
The Tata Steel board will meet shortly to take stock of the situation arising out of Brazilian steel-maker Companhia Siderurgica Nacional's move
The acquisition of Anglo-Dutch steel company Corus by Tata Steel is expected to be completed by middle of January 2007.
Corus plans to spend about $140 million for opening two mines in South Africa and Canada, which could produce 10 million tonnes of iron-ore a year by early next decade, while it is also mulling another mining project in Ivory Coast, the report said. The captive mines insulate the company from the steep rises in iron ore prices and give it a similar position as the Jamshedpur plant, it added.
Tata Steel has a very British problem. The performance of Europe dragged the steel major's October-December (Q3FY23) performance with the UK business accounting for a major part of the operating loss; on the bottom line, the overhang of the British Steel Pension Scheme (BSPS) showed. And a nearly three-year discussion with the UK government on a support package for a green transition resulted in an offer that fell short of the ask.
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.
A statement said the company had decided to cut satff levels at each of Corus Tubes' principal establishments in the UK and the Netherlands, employing around 2,200 people. A total of 146 jobs would be at risk -- 56 at Corby, 49 at Hartlepool and 41 in the Netherlands.
The change in the brand name can show up on the company's locations, stationary and vehicles. The rebranding process, if approved by the company, is expected to commence next summer.
"Tata Steel now anticipates that the effective date of the scheme of arrangement will be around the end of March or the first week of April 2007," it added.
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.
India Inc on Wednesday welcomed Tata Steel's acquisition of Anglo-Dutch steel maker Corus while expressing concern that the deal might re-rate the entire steel industry, making steel companies over-valued.
Tata Steel's European arm, Corus, the second-largest steel maker on that continent, has appointed Citibank to help find a suitable buyer for its beleaguered Teesside Cast Products factory in northeast Britain.
The rising heat in the race between Tata Steel and Brazil's CSN to acquire Anglo-Dutch steelmaker Corus
While admitting that $12-billion deal to acquire the Anglo-Dutch steel maker Corus was 'expensive', Tata, however, said he was hopeful of a turnaround by the struggling European steel giant.
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.
With no final offers forthcoming from Tata Steel and CSN -- the two suitors for Corus -- the UK Takeover Panel has decided to put the Anglo-Dutch steel maker under the hammer on January 30.
Speaking on the sidelines of CII annual regional meeting in Kolkata on Tuesday, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent. Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."
Brazilian steel firm Companhia Siderurgica Nacional wants to make a rival bid for Corus before the Anglo-Dutch group's shareholders meet on December 4 to consider an offer from India's Tata Steel, a report said.
'It might not have a direct impact on the domestic steel industry but will improve India's position in the global market.'
The UK takeover panel sets January 30 deadline for Tata Steel and CSN to announce revised offer for Corus.
Tata Steel may opt for a rights issue to raise funds to finance its $13.13 billion purchase of the Corus group
