Corus deal sealed, Tata plans revamp
Tata group begins process of bringing the two companies closer after acquiring Corus, reports Arun Kumar.india Updated: Feb 02, 2007 02:20 IST
A day after Tata Steel acquired the Anglo-Dutch steelmaker Corus in a $12.1 billion (Rs 53,469 crore) deal, the group began the process of bringing the two companies closer.
According to sources close to the Tatas, Ratan Tata, Chairman of Tata Steel, will be named Chairman of the Corus board as well, once the takeover formalities are completed. Jim Leng, Chairman of Corus, will be Deputy Chairman in the new set up, and a Director on the board of Tata Steel as well.
Three top Tata executives — Tata Steel Managing Director B Muthuraman, Tata Sons Finance Director Ishat Hussain and Tata Sons Executive Director Arun Gandhi — will join the Corus board. Three other Corus board members — Chief Executive Philippe Varin, non-executive Deputy Chairman Jacques Schraven and Group Managing Director Anthony Hayward — will join the Tata Steel board.
A seven member ‘Strategic and Integration Committee’ has been formed, headed by Ratan Tata himself, to execute the integration plan. Its other members are three crucial Tata officials — Muthuraman, Tata Steel’s Deputy Managing Director Tridibesh Mukherjee, and Vice President Finance, Koushik Chatterjee. Corus is represented by Varin, Executive Director, Finance, David Lloyd and Divisional Director, Strip Products, Rauke Henstra.
Several sub-committees will be formed to tackle separate aspects of the integration.