The Tata Group was the most aggressive Indian business conglomerate in terms of acquisitions in 2006. Tata Steel sent shockwaves across the corporate world by announcing it was ready to take over Anglo-Dutch steel giant Corus Group. The buyout would make Tata Steel the world's 5th largest steel maker.
What are the events that shaped 2006? Tell us!
But Brazilian steel firm Companhia Siderurgica Nacional jumped into the fray, offering a higher price for Corus. The Tatas too raised their bid to 500 pence per Corus share, thus valuing Corus at $9.2 billion.
The battle for acquisition of Corus Group intensified further with CSN -- backed by strong financial institutions -- offering 515 pence per share, valuing Corus at $9.5 billion.
British takeover regulators have now stepped in and set a deadline of January 30 for the two companies to place their final offers on the table. The Indian steel major has already won the approval from US anti-trust authorities and the European Commission for the proposed acquisition of Corus.
Earlier, in May 2006, Tata Tea Limited, subsidiary Tata Tea (GB), UK bought Czech tea firm JEMCA. Then, another Tata firm -- Tata Coffee -- acquired US-based Eight O' Clock Coffee Company for $220 million (Rs 1,015 crore). Again in August 2006, Tata Tea bought out a 30 per cent stake in the US-based Energy Brands Inc for $677 million (nearly Rs 3,148 crore).
Image: (From left) Managing Director of Tata Steel B Muthuraman, Tata Sons Chairman Ratan N Tata, Corus Chairman James Leng, Corus Chief Executive Philippe Varin shake hands following a press conference in London, October 20, 2006, after Tata Steel won the hand of British-Dutch company Corus in a 6.39-billion-euro deal. This was before Brazilian CSN made a higher bid for Corus.
Photograph: Adrian Dennis/AFP/Getty Images
Also read: How successful is Ratan Tata?
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