Tata Steel steals NatSteel's steel

The Tata Iron & Steel Company (Tata Steel) has agreed to buy NatSteel''s Asian steel business for around S$466 million ($283 million).

India's foremost steel company Tata Steel has announced plans to buy NatSteel's Asian steel business from the Singaporean company. Under the terms of the deal, the steel business will be transferred to a company called NatSteel Asia, the equity of which will then be sold to Tata Steel.

NatSteel Asia has a negotiated enterprise value of some S$486 million and after some adjustments based on changes to the balance sheet, the purchase price will be around S$466 million. Completion is scheduled to take place in February 2005 and Tata will pay for the company in cash.

The assets being sold through NatSteel Asia...

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