New Delhi: It's finally official. It could be India's biggest deal as the Tata's have bid to acquire 100 percent stake in UK based Corus Group for whopping $9 billion.
Tata Steel is offering an all cash deal for the acquisition.
Corus is in discussion with the Tata management and will be making further announcements in the near future.
Corus has confirmed Tata's proposal for a buyout amounting to 455 pence per share.
Corus said on Tuesday that it received a proposal from Tata Steel about a possible offer valuing the company at 455 pence a share ($8.45; 6.76).
''There can be no certainty that an offer will be made,'' both companies said.
Corus shares dipped 0.8 per cent to 475.50 pence ($8.83; 7.05) on the London Stock Exchange. Tata Steel share rose 0.85 per cent to Rs 515.70 ($11.2; 8.9) in trading on the Bombay Stock Exchange.
''We are looking for opportunities in all areas where we are present,'' said R Gopalakrishnan, executive director of Tata Sons – the holding company of the group that has interests spanning everything from steel and automobiles to software services and hotels with annual sales totaling $23 billion.
Tata Steel has little presence in Europe, and Corus previously said it would make sense for the company to team up with a low-cost partner with assets in countries such as Brazil, India and Russia.
With AP inputs
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