Corus withdraws from Brazilian merger

Manufacturing News, Source : TheManufacturer.com
Published : 13 Nov 2002 9:19

Corus has abandoned its proposed merger with Brazil’s largest steel company Companhia Siderurgica Nacional.

The Anglo-Dutch steelmaker cancelled the £2.8 billion deal because of “ongoing uncertainties in the global business environment and the financial markets.”

The deal had been agreed to in principle in July. If it had gone ahead, it would have made the fifth largest steelmaker in the world. Corus had anticipated cost savings of £160 million a year and expected to produce around 23 million tonnes of steel annually.

Corus shares were trading down 8 per cent at 43p in early morning trading in London

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