Tata Steel of India won the battle to control Anglo-Dutch steel maker Corus with a £5.75bn ($11.3bn) offer on Wednesday, after more than eight hours of head-to-head bidding against Companhia Siderúrgica Nacional of Brazil.
Tata was declared the winner with a bid of 608p a share in cash, against CSN’s highest bid of 603p a share. The Tata bid valued Corus at about £6.7bn including debt, said a spokesman for the company – far above earlier analysts’ and market estimates. Corus shares closed in London on Tuesday at 565p.[source]
A moment of Pride Indeed. Mittal Steel is not an indian Company, never will be. It just is run by Indians and happen to be founded by an indian. What's so new about that.. There are many other companies based in the silicon valley started by people of Indian Origin. Tata whereas is an Indian Company..
Only I had hoped that CSN would win the bid, pay for Corus outrageously, and when the steel cycle comes for a downturn, Tatas would buy the combined CSN-Corus for a song. That is how Mittal Steel grew.. Buying Steel Plants and companies for cents during downturns..
Tata bought it when the troubled Corus started to turnaround... for a price much higher than intended.
But it is still a moment of Pride Indeed.