Tata Steel has been declared the winner of the Corus bid by the UK Takeover Panel. Tata Steel made the winning bid of 608 pence per share versus 603 pence per share that was bid by Companhia Siderurgica Nacional (CSN) in the ninth round of bidding. The deal pegs the EV of Corus at $13 bn and puts its market capitalization at $10.9 bn. The Tata-Corus combine will create the world's fifth largest steel producer. Corus was created through the combination of British Steel and the Netherlands' Royal Hoogovens in 1999.
Lazard Limited and Goldman Sachs Group, Inc. were the financial advisers to CSN. UBS AG acted as CSN's corporate broker. Credit Suisse Group, JP Morgan Cazenove and HSBC Holdings Plc were advisers to Corus. NM Rothschild & Sons Limited, Deutsche Bank AG and ABN-AMRO Holdings NV were advising Tata Steel.
Read minutes of the bidding, further news comments and the entire story of the acquisition in Business Standard.
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