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Recommended revised acquisition of Corus by Tata Steel
Tata Steel is pleased to announce that it has agreed to an increased recommended Acquisition (the "Revised Acquisition") at a price of 500 pence in cash per Corus Share.
Details of the terms of the original Acquisition, also recommended by the Board of Corus, were set out in the Scheme Document posted to Corus Shareholders on 10 November 2006.
Under the terms of the Revised Acquisition, Corus Shareholders will be entitled to receive 500 pence in cash for each Corus Share (the "Revised Price"). This represents a price of 1000 pence in cash for each Corus ADS.
The terms of the Revised Acquisition value the entire existing issued and to be issued share capital of Corus at approximately £ 4.7 billion
Following the acquisition of Corus Group Plc, Tata Steel will explore all strategic alternatives with a view to managing its financial exposure while enhancing the value of the acquisition through additional synergies.
Tata Steel will continue to focus on its Greenfield projects in India - while the Orissa and Chhattisgarh projects are well on their way and are expected to be completed to their full potential, the Jharkhand Project will be implemented upto the first two phases of 6 million tonnes capacity.