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India's TATA steel wins bid battle for CORUS

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India's TATA steel wins bid battle for CORUS

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The Anglo Dutch steel group CORUS is being sold to India’s TATA Steel. The Indian group won a long running takeover battle for CORUS with an offer worth over 10 billion euros, at the end of an auction which also involved Brazilian steelmaker CSN. Bidding started in October. The final offer from Tata represents over 30 percent more than the price initially put forward. The alliance will enable the combined TATA CORUS group to compete effectively in a market becoming more and more global, executives say. Following the take over by MITTAL over European steel maker ARCELOR it represents another step forward for Indian producers in the burgeoning world market for steel.