India's steelmaker Tata Steel, of the Tata Group, buys Anglo-Dutch steel giant Corus Group for £6.7 billion ($12 billion), making it the world's fifth largest steel manufacturer. 70-year-old Tata group Chairman Ratan Tata, from one of India's best-known business families, won the race against Benjamin Steinbruch, 52, a famous Brazilian executive who is the chief and main owner of Companhia Siderurgica Nacional (CSN). Tata paid investors 608 pence a share, whereas the Brazilians final offer in an auction by the U.K.'s Takeover Panel was 603 pence. The deal triples Tata Steel's capacity to almost 28 million tons a year. Tata: "This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player." Corus, which was created from the merger of British Steel and Hoogovens, currently employs 47,300 people worldwide. Last year the company was the ninth-largest steel maker worldwide. The takeover may start a round of consolidation in the fragmented steel sector.
india s steelmaker tata steel of the tata group buys anglo dutch steel giant corus group for 6 7 billion 12 billion making it the world s fifth largest steel manufacturer 70 year old tata group chairman ratan tata from one of india s best known business families won the race against benjamin steinbruch 52 a famous brazilian executive who is the chief and main owner of companhia siderurgica nacional csn tata paid investors 608 pence a share whereas the brazilians final offer in an auction by the u k s takeover panel was 603 pence the deal triples tata steel s capacity to almost 28 million tons a year tata this is the first step in showing that indian industry can step outside its shores into an international market place as a global player corus which was created from the merger of british steel and hoogovens currently employs 47 300 people worldwide last year the company was the ninth largest steel maker worldwide the takeover may start a round of consolidation in the fragmented steel sector