Higher valuation of Corus may put pressure on Tatas' financials.
Fresh from his visit to India in the last week of July, Britain's Business Secretary (minister) said he was hopeful a buyer would be found for Tata Steel-owned Corus' Teesside Cast Products plant in the northeast of this country.
The battle for Corus is expected to take a decisive shift this week, with the pension trustees of the Anglo-Dutch steel company expected to meet the representatives of Brazil's CSN to understand its commitment to the workers' pension.
Tata Steel, which is bidding for steel maker Corus, is close to sweetening its offer for the Anglo-Dutch company, but could wait until the deadline set by regulators next week
While the fight between Tata Steel and CSN over Anglo-Dutch steel maker Corus continues, experts feel there is still time for a third suitor to put in bids ahead of a deadline set by the regulators.
Shares of the company, which is in the middle of a takeover battle between India's Tata Steel and Brazil's CSN, closed at 530.5 pence on Friday and at current market price could make the shareholding employees millionaires overnight.
The contract would come into effect in 2009, Tata Steel said.
To keep operations at TCP alive, Corus has been channelising internal orders to the TCP which was also getting some demand from outside.
But the Indian ace, despite the defeat continues to have a share of the lead with Veselin Topalov, while Kamsky shares the last place with Etienne Bacrot. \n
Final bid expected to be placed in a fortnight.
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.
With a full point lead, the Indian ace takes on Michael Adams in the 10th round of the tournament after a day's rest.
The Indian GM registered his first win with black pieces in the 66th edition of the Corus Grandmasters Chess tournament.
The shadow of the European Commission's anti-trust proceedings is hanging over Companhia Siderurgica Nacional's bid for Anglo-Dutch steelmaker Corus.
Tata group company Tata Steel will issue equity shares on a rights and preferential basis to raise about Rs 10,000 crore (Rs 100 billion) to repay 'bridge loans' raised for funding acquisition of British steel behemoth Corus. The issue will close on December 21, a spokesperson said, adding that the record date for the issue was November 7.
The bank has agreed to provide up to $1 billion to Tata Steel's special purpose vehicle, Tata Steel UK, to refinance $7.2 billion of bridge loans taken for the biggest buyout by an Indian company.
Given the region's already higher unemployment rates, compared to national averages, it would be difficult to find alternative jobs.
Tata Steel-owned Corus on Tuesday said it will invest 185 million pound (Rs 1,355 crore) in the No 4 blast furnance at Port Talbot steelworks in Wales, that will increase capacity by 400,000 tonnes a year.
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.
Chasing an elusive win after four successive draws, world champion Viswanathan Anand will take on Hungarian Peter Leko in the fifth round of the Corus Chess tournament on Friday.
Tata Steel will shell out $4.1 billion out of the total consideration of $12.15 billion for the acquisition of Anglo-Dutch steelmaker Corus.
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.
In FY23, Indian operations accounted for 41.6 per cent of the consolidated revenue of India's top five multinationals, up from 34 per cent in FY18 and 33.2 per cent and 34.2 per cent in FY21.
Anglo-Dutch steel company Corus, currently in the midst of a takeover bid by India's Tata Steel and Brazil's CSN, has been fined more than three million pounds for breaching health and safety laws at a factory where an explosion killed three workers
The steel-maker will now have to pay 50 basis points more on this tranche of $1 billion with a seven-year tenure.
The former world champion is pitted against a tough field, with seven of the world's top ten vying for honours in the 65th edition of the tournament.
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.
Aditya Mittal, the son of LN Mittal, the family that pulled off the audacious Arcelor acquisition just last year proves that a businessman of Indian origin can actually rule the world.
After much speculation on whether CSN will put in a counterbid or not, it finally did a 475 pence per share bid against Tata Steel's 455 pence per share offer.
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 reopening of China has led to an ongoing readjustment of the global metals and commodities markets. China has a massive production capacity surplus to its own domestic demand. At the same time, it also has high domestic demand. China is also becoming carbon sensitive.
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.
With Euro zone problems, it continues to weather rough times, with 900 jobs cut as latest decision.
The Netherlands has emerged as India's fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. Exports to the fifth-largest economy in the European Union (EU) bolted 94 per cent to $12.5 billion in the financial year ended March 31. In FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India's largest export destination in the EU. Germany, which was earlier India's top European export destination (eighth position), has now dropped two ranks to 10th place.
Tata Steel Vice-Chairman B Muthuraman has asked a member of British Parliament not to be "over-critical" about the company's strategy in dealing with problems in Corus.
With the Tatas agreeing to sell its Scunthorpe steel plant in the UK to investment firm Greybull for a nominal one pound, the storied 'British Steel' name will be back in the now-ailing industry.
While write-off will push up its debt equity ratio, decline in equity will push up return ratios.
Since Ratan Tata , the patriarch of India's Tata Group, decided to splash out $13.1bn early in 2007 on Anglo-Dutch Corus, he has spent a lot of time with smooth-talking Frenchman Philippe Varin , who has run Corus for five and a half years.
In the final round Anand only needs to draw to retain the Corus Grandmasters Chess title.
Sources close to the development said CSN's attempt to take over Corus might be hurt by Brazilian miner Companhia Vale do Rio Doce's plan to challenge CSN's capacity to supply iron ore to Corus.
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