INDIA/VARIOUS: Workers of India's Tata Steel, set to become the world's fifth-biggest steel maker after winning a dramatic bid battle for Anglo-Dutch group Corus, celebrated their victory in the eastern Indian city of Jamshedpur/Finance Minister Palaniapp

Record ID: 1381023

  • Title: INDIA/VARIOUS: Workers of India's Tata Steel, set to become the world's fifth-biggest steel maker after winning a dramatic bid battle for Anglo-Dutch group Corus, celebrated their victory in the eastern Indian city of Jamshedpur/Finance Minister Palaniapp
  • Date: 1st February 2007
  • Summary: (W3) LONDON, ENGLAND, UNITED KINGDOM (JANUARY 31, 2007) (REUTERS) (SOUNDBITE) (English) JITESH GADHIA, MANAGING DIRECTOR, ABN-AMRO, SAYING: "What you have in Tata Steel and Corus are two very complementary businesses: Tata Steel in an emerging market widely recognised as one of the most efficient steel producers in the world, with access to its own raw materials, and Coru
  • Embargoed: 16th February 2007 11:41
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  • Topics: Industry
  • Reuters ID: LVAF4CZ8QBGSX45GX5OVA7560ZEW
  • Aspect Ratio: 4:3
  • Story Text: Workers of India's Tata Steel, set to become the world's fifth-biggest steel maker after winning a dramatic bid battle for Anglo-Dutch group Corus, celebrated their victory in the eastern Indian city of Jamshedpur. Finance Minister Palaniappan Chidambaram welcomed the deal.

    Workers of India's Tata Steel, set to become the world's fifth-biggest steel maker after winning a dramatic bid battle for Anglo-Dutch group Corus on Wednesday (January 31) celebrated their victory.
    Many hugged each other and distributed sweets as the 6.2 billion pound ($12.2 billion) offer by Tata will triple the company's steel capacity to almost 28 million tonnes a year from 8.7 million now, at half the cost of building new plants.
    Tata Steel said its bid of 608 pence a share in cash topped the best offer from Brazil's Companhia Siderurgica Nacional (CSN) after a quick-fire auction that drove the price for Corus almost a fifth higher.
    "We want that the empire should expand. Not only in the country, but Tata's name should expand all over the world. Our standing will now be the fifth largest in the world," said a jubilant Raghunath Pandey, President of Tata Workers Union in eastern Jamshedpur city.
    The Tata group, with interests spanning automotives, commodities, energy, hotels, retail, financial services, broadcast, software and telecoms, now ranks as India's second-most valuable company by market capitalisation behind energy behemoth Reliance Industries Ltd.
    The deal, India's biggest-ever foreign takeover, is expected to fuel a new wave of consolidation in the fragmented steel sector after Mittal Steel bought Arcelor for $32 billion USD last year to create the world's biggest steel producer.
    Officials said Tata Steel would pay $4.1 billion USD for Corus and finance the balance by debt.
    Jitesh Gadhia, managing director, of ABN-Amro, the global banking group, described Tata Steel and Corus as "complementary" businesses.
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