Tatas' four-month chase for Corus bears fruit | india | Hindustan Times
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Tatas' four-month chase for Corus bears fruit

Tata Steel's winning bid for Corus ended the nearly four-month wait of the corporate giant to acquire the Anglo-Dutch steelmaker.

india Updated: Jan 31, 2007 09:39 IST

Tata Steel's winning bid for Corus in an eight-hour long auction that concluded early this morning ended the nearly four-month wait of the corporate giant to acquire the Anglo-Dutch steelmaker.

Following is time-line of Tata Steel's conquest of Corus:

* Oct 5, 2006 - Tatas confirm interest in acquiring Corus

* Oct 17 - Tatas propose a 7.6 billion dollar bid for Corus at 455 pence a share in cash

* Oct 20 - Corus Board approves Tata bid

* Nov 17 - CSN makes indicative bid of 475 pence a share

* Nov 27 - Corus adjourns extraordinary shareholders' meeting from Dec 4 to Dec 20 to allow CSN more time

* Dec 10 - Tata Steel raises bid to 9.2 billion dollars at 500 pence per Corus share; Corus Board recommends offer

* Dec 11 - CSN makes formal bid of 9.6 billion dollar at 515 pence a share in cash; Corus Board recommends offer

* Dec 19 - UK Takeover Panel watchdog sets a January 30 deadline for Tata Steel and CSN to make revised offers

* Dec 22 - Tata Steel wins approval from the European Commission to buy Corus

* Jan 26, 2007 - Takeover Panel says it will launch an auction on January 30

* Jan 29 - EU clears CSN bid for Corus

* Jan 30 - Auction for Corus starts

* Jan 31 - Tatas outbid CSN with 608 pence a share offer; says expects to close transaction by middle of March 2007.

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