Time: Tata-Corus deal among 10 best of 2007
The $ 5 bn buyout of media giant Dow Jones by Rupert Murdoch-led conglomerate News Corp tops the list published by Time magazine.business Updated: Dec 16, 2007 15:07 IST
Indian conglomerate Tatas' $ 11.3 billion acquisition of Corus Group Plc that propelled it as the world's sixth-largest steelmaker has been ranked among the ten best business deals of 2007 by Time magazine.
The international magazine's list has been topped by the five billion dollar buyout of media giant Dow Jones by Rupert Murdoch-led conglomerate News Corporation.
Talking about Tata-Corus deal, the magazine said, "Although India's tech prowess in the outsourced world grabs the headlines, there is no more powerful symbol of India Inc's rise than this one.
"Ah, the delicious irony, as the Tata family conglomerate, India's steel giant, buys the Anglo-Dutch firm that includes the remnants of British Steel at one time, a symbol of Britain's imperial might," it noted.
While reminding about the days British rule, the magazine said, "Guess the dreadnought age is over; but not the steel age, at least not in the developing world."
Tata Steel had acquired Corus for $ 11.3 billion, the biggest overseas acquisition by an Indian company.
The acquisition has been ranked sixth best in the world ahead of four other deals like takeover of Hilton Hotels by private equity firm Blackstone Group for $ 26 billion.
Interestingly, the buyout of 4.9 per cent stake in world's largest bank Citigroup, currently headed by India-born Vikram Pandit, by Abu Dhabi Investment Authority for $ 7.5 billion has found a place among the ten worst deals of the year.
However, Citigroup was not being headed by Pandit when the deal was executed.