Corus accepts the £4.3 billion offer from Tata Steel

Corus accepts the £4.3 billion offer from Tata Steel

Anglo-Dutch steel firm Corus has confirmed that they are accepting the $8.1 billion takeover offer from Indian company Tata Steel.

This deal would now represent the largest ever takeover by an Indian company of a foreign company. If the deal is approved by the shareholders of the company, it would create the world’s fifth-biggest steel firm.

Corus has around 47,300 people working for them worldwide. This includes 24,000 workers at their plants at Port Talbot, Scunthorpe and Rotherham in United Kingdom.

Interestingly, the offer price by Tata Steel is below the current price of Corus shares. Tata Steel has however pledged to pay £126 million into the Corus pension fund as part of the deal.

Corus chairman Jim Leng said in a statement on this deal: “This combination with Tata, for Corus shareholders and employees alike, represents the right partner at the right time at the right price and on the right terms.”