| Dear Sirs, Re: Acquisition of Corus Group Plc, UK
On 20th October 2006, the Company announced a cash offer of 455 pence per share for
Corus Group Plc. (Corus), valuing it at GBP 4.3 billion. Further, on 11th December 2006,
the Company announced the terms of a revised offer for Corus at 500 pence per share,
valuing it GBP 4.7 billion.
On conclusion of the auction process conducted by the UK Takeover Panel today for the
acquisition of Corus, the Company has agreed the terms of an increased acquisition (the
Revised Acquisition), submitted by the Company at a price of 608 pence per share in cash
for acquisition of Corus. The terms of the Revised Acquisition value the entire existing
issued and to be issued ordinary share capital of Corus at approximately GBP 6.2 billion.
The revised offer of the Company is higher by 5 pence than the final offer made by
Companhia Siderurgica Nacional (CSN) in the auction.
The acquisition is proposed to be effected by means of a scheme of arrangement under
Section 425 of (English) Companies Act 1985, subject to, inter alia, High Court of Justice
in England and Wales and Corus shareholders' approvals being obtained.
This announcement is not intended to and does not constitute, or form part of, or any
offer or invitation to purchase any securities or the solicitation of any vote or approval
in any jurisdiction.
The announcement released in London today is enclosed herewith.
Submitted for your information.
Yours faithfully,
Tata Steel Ltd.
(J. C. Bham)
Company Secretary
Encl: as above.
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