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Corus (CS.)
tipton11
- 04 Oct 2006 14:36
Violent movements today....anyone ideas why?
lanayel
- 17 Oct 2006 07:56
- 10 of 10
BOMBAY (XFN-ASIA) - Tata Steel Ltd's talks with the management of Corus Group PLC for a possible bid for the Anglo-Dutch steel firm have been successful, paving the way for a formal offer valued at around 9 bln usd, the Economic Times reported, citing people close to the development.
'The British steel maker has positively responded to Tata Steel and is convinced about the synergy between the two companies' operations,' the newspaper cited a source as saying.
A formal announcement is expected by the end of this month, the report said, noting the deal will be the biggest ever for an Indian company.
Tatas plan to float Singapore-based special purpose vehicle for the takeover, the report said.
While Tata Steel and the group holding company Tata Sons will raise almost 3.5 bln usd, the rest will be raised through financial institutions, it said.
Standard Chartered Bank, ABN Amro and Deutsche Bank are working on raising funds for the Tatas, it said.
A Tata Steel spokesperson told the paper that the company does not wish to comment on speculative reports. A Corus spokesperson also declined to comment, the report said.
'The British steel maker has positively responded to Tata Steel and is convinced about the synergy between the two companies' operations,' the newspaper cited a source as saying.
A formal announcement is expected by the end of this month, the report said, noting the deal will be the biggest ever for an Indian company.
Tatas plan to float Singapore-based special purpose vehicle for the takeover, the report said.
While Tata Steel and the group holding company Tata Sons will raise almost 3.5 bln usd, the rest will be raised through financial institutions, it said.
Standard Chartered Bank, ABN Amro and Deutsche Bank are working on raising funds for the Tatas, it said.
A Tata Steel spokesperson told the paper that the company does not wish to comment on speculative reports. A Corus spokesperson also declined to comment, the report said.
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