Tata buys 21.1% Corus stake for $2.4 bn

Within a day of its victory in the auction to acquire Corus Group Plc, corporate giant Tata Steel has acquired 21.1 per cent stake in the Anglo-Dutch steelmaker for about $2.4 billion at 608 pence a share.

Tata Steel on Thursday said it has acquired 199,955,952 (199 million) shares at its final offer price of 608 pence a share.

The shares were purchased on Wednesday by its wholly-owned subsidiary Tata Steel UK Ltd, the acquisition vehicle for the Corus deal, Tata Steel informed the Bombay Stock Exchange.

After winning the nine-round auction for Corus on Wednesday, the company had said it intended to acquire shares from the market at a price of up to 608 pence in cash.

It had asked all Corus shareholders wishing to sell their shares to Tata Steel to contact its corporate brokers at ABN Amro Hoare Govett and Deutsche Bank.

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The Tata-Corus saga