On the heels of launching a winning bid of 608 pence a share for Corus Group, Tata Steel said it plans to buy shares of the Anglo-Dutch company from the market on Wednesday.
The Indian steel giant said in a regulatory filing with the London Stock Exchange that it intends to acquire Corus shares from the market at up to 608 pence in cash per share — its winning bid that trumped a 603 pence offer from rival bidder CSN at the end of a nine-round auction early on Wednesday.
Tata Steel asked Corus shareholders wishing to sell their shares on Wednesday to contact its designated corporate brokers at ABN Amro and Deutsche Bank.
The company expects the transaction to close around middle of March 2007.
Meanwhile, CSN said in a separate regulatory filing that its board has announced a revised offer of 603 pence a share following the completion of the auction process.