Corus shareholders back Tata deal

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Manufacturing News, Source : TheManufacturer.com
Published : 08 Mar 2007 10:07
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Corus shareholders have overwhelmingly voted to accept a £5.75 billion takeover offer from Indian firm Tata Steel.

More than 97 per cent of its shareholders of the Anglo Dutch steelmaker backed the deal at a general meeting, Corus said.

The Tata Group, which owns Tetley tea and Daewoo cars, originally offered $9.2 billion in October last year but was later trumped by Brazilian company CSN. The acquisition was finally announced in January after Tata agreed an offer of 608p per share, valuing Corus at $11.3 billion (£5.75 billion).

Tata plans to use the acquisition to help expand its reach into Europe to become a global player in the steel business, making it the 5th largest steel producer in the world.

Corus currently employs 47,300 people worldwide, which includes a UK employment figure of 24,000 across its three plants in Port Talbot, Scunthorpe and Rotherham. Tata has stated that the takeover will not lead to job losses within the first phase.