This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6058746.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 4 | Version 5 |
|---|---|
| Corus confirms £4bn Tata proposal | Corus confirms £4bn Tata proposal |
| (about 2 hours later) | |
| Anglo-Dutch steel firm Corus says it has received a £4.1bn ($7.7bn) takeover proposal from the steel division of Indian conglomerate Tata. | Anglo-Dutch steel firm Corus says it has received a £4.1bn ($7.7bn) takeover proposal from the steel division of Indian conglomerate Tata. |
| Corus said that even though Tata had made a proposal, there was no certainty that a full offer would now follow. | Corus said that even though Tata had made a proposal, there was no certainty that a full offer would now follow. |
| If a deal went ahead, it would be the largest Indian takeover of a foreign company, creating the world's fifth-largest steel firm. | If a deal went ahead, it would be the largest Indian takeover of a foreign company, creating the world's fifth-largest steel firm. |
| The £4.55-a-share proposed is below the current Corus share price. | The £4.55-a-share proposed is below the current Corus share price. |
| In London following the announcement, Corus shares were trading 0.1% lower at 479 pence. | |
| Analysts had earlier suggested that Corus would cost Tata Steel as much as £5.6bn - about 580p a share. | Analysts had earlier suggested that Corus would cost Tata Steel as much as £5.6bn - about 580p a share. |
| Stay competitive | Stay competitive |
| Corus, formed by a 1999 merger between British Steel and the Dutch group Hoogovens, employs 47,300 worldwide including 24,000 people in the UK. | Corus, formed by a 1999 merger between British Steel and the Dutch group Hoogovens, employs 47,300 worldwide including 24,000 people in the UK. |
| Beside steel, Tata's interests range from carmaking to Tetley's tea. | Beside steel, Tata's interests range from carmaking to Tetley's tea. |
| GLOBAL STEEL PRODUCTION 2005 1. Mittal Steel - 49.89 million tonnes2. Arcelor- 46.653. Nippon Steel - 32.914. Posco - 31.425. JFE Steel - 29.576. Shanghai Baosteel - 22.737. US Steel - 19.268. Nucor - 18.459. Corus - 18.1810. Riva - 17.5356. Tata - 4.4 Source: Metal Bulletin Corus share price | GLOBAL STEEL PRODUCTION 2005 1. Mittal Steel - 49.89 million tonnes2. Arcelor- 46.653. Nippon Steel - 32.914. Posco - 31.425. JFE Steel - 29.576. Shanghai Baosteel - 22.737. US Steel - 19.268. Nucor - 18.459. Corus - 18.1810. Riva - 17.5356. Tata - 4.4 Source: Metal Bulletin Corus share price |
| Rapid economic growth in developing countries, including China and India, is creating huge demand for steel and many firms are looking to add to their steel-making assets. | Rapid economic growth in developing countries, including China and India, is creating huge demand for steel and many firms are looking to add to their steel-making assets. |
| But as Chinese steel production soars, other manufacturers are trying to consolidate so they can cut costs and stay competitive. | But as Chinese steel production soars, other manufacturers are trying to consolidate so they can cut costs and stay competitive. |
| Earlier this year, Mittal Steel bought rival Arcelor for $34bn, creating the world's biggest steel maker. | Earlier this year, Mittal Steel bought rival Arcelor for $34bn, creating the world's biggest steel maker. |
| In 2005, Tata Steel was the world's 56th biggest steel producer, and a Corus takeover would represent Tata's first steel business outside of Asia. | In 2005, Tata Steel was the world's 56th biggest steel producer, and a Corus takeover would represent Tata's first steel business outside of Asia. |
| The Tata Group as a whole is among India's biggest firms. Besides steel and tea, its operations include utilties, hotels and satellite television. | The Tata Group as a whole is among India's biggest firms. Besides steel and tea, its operations include utilties, hotels and satellite television. |
| A recent report from the UN agency Unctad highlighted the growing amount of foreign direct investment by firms in developing countries, which reached $133bn in 2005. | A recent report from the UN agency Unctad highlighted the growing amount of foreign direct investment by firms in developing countries, which reached $133bn in 2005. |