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Tata Steel UK acquires Corus share capital
PRINCE THOMAS
TIMES NEWS NETWORK[ THURSDAY, FEBRUARY 15, 2007 03:30:02 PM]
MUMBAI: Tata Steel UK, the indirect wholly owned subsidiary of the steel major, has acquired 7,136,094 of equity share capital of Corus at 601.75 pence per share on February 14, 2007, the company announced on Thursday. This takes the stake of the subsidiary to 21.9% in the Anglo-Dutch steelmaker.
In a similar transaction, Tata Steel UK had on February 1 acquired almost 200m shares, or 21.1% stake in Corus for $ 2.3b. Just a day earlier, Tata Steel had sealed the $ 12.1b deal.
Shareholders of Corus will meet on March 7 to decide on Indian giant Tata Steel's takeover bid of 608 pence a share, following which the deal is expected to become effective on April 2. Tata Steel’s stock was up 0.82% at Rs 442.5 at the BSE by 14.30 hrs IST on Thursday.
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