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/6068244.stm

The article has changed 18 times. There is an RSS feed of changes available.

Version 0 Version 1
Corus 'ready to accept Tata bid' Corus accepts Tata's takeover bid
(about 2 hours later)
UK-Dutch steel firm Corus is reported to be close to accepting a formal £4.1bn ($7.7bn) takeover offer from Indian rival Tata. UK-Dutch steel firm Corus has accepted a £4.1bn ($7.7bn) takeover offer from Indian rival Tata.
A number of news agencies have said the deal could be announced as early as Friday morning. BBC business editor Robert Peston said the final details were now being agreed and a formal announcement was expected early on Friday morning.
If the takeover goes ahead, it would be the largest Indian purchase of a foreign company, and would create the world's fifth-largest steel group. The deal is the largest Indian takeover of a foreign company, and will create the world's fifth-largest steel group.
Corus has declined to comment on the growing speculation. Corus, which employs 47,300 worldwide and 24,000 in the UK, has declined to comment on the news.
Increasing steel consolidationIncreasing steel consolidation
Formed by a 1999 merger between British Steel and the Dutch group Hoogovens, Corus employs 47,300 people worldwide including 24,000 people in the UK. Corus was formed by a 1999 merger between British Steel and the Dutch group Hoogovens.
Beside steel, Tata's interests range from carmaking to Tetley's tea.Beside steel, Tata's interests range from carmaking to Tetley's tea.
If the deal does go ahead, it comes amid growing consolidation in the global steel industry. In 2005, Tata was only the world's 56th biggest steel producer, and its takeover of Corus represents the first expansion of its steel business outside of Asia.
"It's the changing of the guard on a global scale," said our correspondent.
"Once upon a time, Corus was called British Steel and was a sprawling British industry. Now it's to be taken over by an Indian company."
The takeover comes amid growing consolidation in the global steel industry.
With both prices and demand soaring this year, led by strong demand from China, Dutch firm Mittal Steel bought European rival Arcelor for $34bn back in the summer.With both prices and demand soaring this year, led by strong demand from China, Dutch firm Mittal Steel bought European rival Arcelor for $34bn back in the summer.
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 was the world's 56th biggest steel producer, and its takeover of Corus represents the first expansion of its steel business outside of Asia.