The Tatas beat Brazil’s CSN to acquire Anglo-Dutch steelmaker Corus Group Plc at slightly more than $11 billion.
With a bid of 608 pence a share, Indian corporate giant Tata Steel outsmarted CSN’s 603 pence a share offer during the night-long auction process.
CSN officials confirmed pulling out of the race to acquire Europe’s second-largest steel firm after a final offer of 603 pence a share. Tata officials remained tightlipped.
Tata Steel raised its final offer to 608 pence a share by the time the auction entered the concluding ninth round from 500 pence a share at the start of the auction.
The company also stated that it will shortly seek approval of its revised offer from the Board of Corus Group Plc and the $11.3 billion transaction is likely to be finished by the mid-March this year.
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Congratulations to TATA group for making the biggest overseas acquisition by an Indian firm.