Corus and Tata Steel confirmed yesterday that Tata Steel has offered ú4.55 $8.47 per share for the UK steel producer. In its filing to the Bombay Stock Exchange, Tata Steel says it has made an indicative, non-binding offer to acquire 100% equity in Corus on a cash basis and that the offer price amounted to an enterprise value of approximately $10 billion. If successful, this will be the largest outbound cross border acquisition by an Indian private sector company.
On October 5, Tata Steel confirmed to the BSE that it was evaluating a number of takeover options including Corus. In true Tata style, the transaction with Corus has been conducted in a friendly manner....
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