New Delhi: Tata Steel Ltd on Monday completed its $12 billion acquisition of Corus Group at a price of 608 pence per ordinary share in cash.
“The joint company will have a pro forma crude steel production of 27 million tonnes in 2007 and will be the world's fifth largest steel producer with 84,000 employees across four continents,” PTI quoted a company statement as saying.
The combination of Tata Steel and Corus will create the world's second most global steel producer with a combined presence in 45 countries.
''The completion of this acquisition of is a major step forward in the company's global strategy and represents an exciting future for both businesses,'' PTI quoted Chairman Ratan Tata as saying.
''Corus' top management will remain intact and bringing together of both management teams is an expression of the strong confidence and trust that exists between the two organisations, which will ensure the successful integration of the combined business.''
“Together we are a well balanced company, strategically well placed to compete at the leading edge of a rapidly changing global steel industry,” Tata added.
''Corus had twin objectives from the outset. One was to secure the best value for our shareholders and the other was to ensure the best strategic future for the business. With Tata Steel, we have delivered both and the directors, senior management and other employees of Corus will see today as the beginning of an exciting new era,'' Jim Leng Retiring Chairman of Corus said.
(With agency inputs)
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