The British government has said it was "not prepared" to accept an announcement by Tata Steel and its European subsidiary, Corus, that there seemed no option but to indefinitely suspend operations at one of the latter's factories in north-east England, which means loss of around 2,000 jobs.
The acquisition is scheduled to take effect from April 2
India's biggest steelmaker Tata Steel is set to merge its British unit Corus with itself by next year to save costs up to 350 million pounds, and the move is likely to put thousands of jobs at risk, a media report has said.
The board of directors of Tata Steel, which met on Friday, appointed Jim Leng, chairman, Corus, as a non-executive independent director designated as deputy chairman.
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.
Anglo-Dutch steelmaker Corus has accepted a $7.7 billion takeover bid from Tata Steel, the largest Indian takeover of a foreign company.
Six months after acquiring Anglo-Dutch steel giant Corus, Tata Steel has put the foreign company's aluminium business on the block.
Tata Steel has appointed Uday Kumar Chaturvedi as MD of Corus Strip Products UK. It has also made two other changes in the top management of Corus.
In its first official comment on the Corus deal since a rival bid came up, Tata Steel said on Tuesday that its offer for buying out the Anglo-Dutch steelmaker remains valid in spite of a counter bid from Brazil's CSN.
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus' Teesside plant in Britain.
Tata Steel on Wednesday said its European subsidiary Corus will be able to meet full capacity utilisation by the end of the current fiscal, riding on revival in global demand.
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.
Ore and coking coal to come from Tata mines in Canada, Africa.
The board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.
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.
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.
The company was also in the process of preparing the vision document for the year 2015.
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'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.
The steel-maker will now have to pay 50 basis points more on this tranche of $1 billion with a seven-year tenure.
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.
'When you look at reviving private sector capex, I don't think there's a better story than steel.'
The company, in a notice to shareholders, said it would come out with a rights issue of ordinary shares and cumulative convertible preference shares, besides issue of securities in the domestic or international markets.
The impact of Trump's announcement of increasing import tariffs will have negligible benefit for India not because of companies trying to shift from China to other countries or their supply chains being affected due to their Chinese operations but because of our faulty policies, explains Mudit Jain.
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 European Commission on Friday approved Tata Steel's proposed acquisition of Anglo-Dutch steelmaker Corus.
R Praggnanandhaa, the newly-crowned Tata Steel Chess champion, was given a warm reception upon his return to Chennai. The 19-year-old made history by defeating reigning World Champion D Gukesh in the final, marking the biggest win of his career. Fans, officials from the Tamil Nadu government, and the national federation gathered at the airport to welcome the young chess prodigy. Praggnanandhaa became the first Indian after Viswanathan Anand to win the Tata Steel Chess title.
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.
The Anglo-Dutch merger was meant to revive the ailing British Steel which had incurred a net loss of 81 million in the year ended March 31, 1999
After months of negotiations, Tata Steel-owned Corus has tentatively agreed to sell the beleaguered Teesside Cast Products plant to Thailand's Sahaviriya Steel Industries for a price of 320 million (Rs 2,325 crore).
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.
Quoting Tata Steel managing director B Muthuraman, the daily said the target could be reached partly by improving manufacturing procedures at the Corus plants spread across Europe. The Indian conglomerate Tatas had acquired the Anglo-Dutch steel maker Corus for about $13 billion last year.
Since the acquisition by Tata Steel in January 2007, which catapulted the domestic steel major to the world's sixth, this is the first layoff announced by the Corus.
The Corus Dutch Central Works Council (CWC), an advisory body established to promote the interest of Corus Nederland and its workforce, has appointed Ernst & Young to examine the future financial implications of Tata Steel's acquisition of Corus.
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 $12.1 billion Corus acquisition-the biggest global acquisition made by an Indian company-ended up as a millstone around Tata Steel's neck, points out Indrajit Gupta.
