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2006 saw India emerging as a prominent buyer in the global market.
Nobody would have thought till few years back that an Indian company
would be planning to take over a larger foreign company.
But Ratan Tata's Tata Steel made it possible. And it came just
a year before the company celebrates its 100 years of existence.
On October 20 Tata Steel announced its £4.3 billion (Rs 36,421
crore) takeover of Anglo-Dutch steel giant Corus.
However, on December 1, a rival CSN of Brazil made a still higher
offer. Soon after Tatas raised the offer to $9.2 bn from the original
$8.1 bn. Tatas' revised bid of 500 pence per Corus share comes as
a surprise as the Rio de Janeiro-based firm's counter offer was
of 475 pence compared to the Indian corporate's original offer of
455 pence.
A company born out of the merger of Tata and Corus will means that
three of the top 10 steel producing companies in the world will
be in Indian hands.
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