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.
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.
