January 31, 2007 / 9:32 AM / 12 years ago

CHRONOLOGY-Tata Steel wins auction for Corus

Jan 31 - Indian steelmaker Tata Steel is set to become the world’s fifth-largest steelmaker after winning a battle for Anglo-Dutch steelmaker Corus Group Plc.

Here is a chronology of key events in the battle to acquire Corus:

October 17, 2006 - Tata Steel proposes a 4.1 billion pound takeover of Corus at 455 pence a share in cash.

October 20 - Corus board approves Tata bid.

November 17 - Brazil’s Companhia Siderurgica Nacional (CSN) unveils a proposal to pay 475 pence per share for Corus..

November 27 - Corus adjourns extraordinary shareholders’ meeting from December 4 to December 20 to allow CSN more time to consider a counterbid.

Dec 10 - Tata Steel raises bid to an agreed 4.7 billion pounds ($9.2 billion) at 500 pence per Corus share; Corus board recommends revised offer to shareholders.

December 11 - CSN says it has agreed to buy Corus for 4.9 billion pounds ($9.6 billion) at 515 pence a share in cash.

December 19 - Britain’s takeover watchdog sets a January 30 deadline for Tata Steel and CSN to make revised offers.

December 22 - Tata Steel wins approval from the European Commission to buy Corus.

January 26, 2007 - Britain’s takeover watchdog says it will launch an auction procedure on January 30.

January 29 - EU clears CSN bid for Corus.

January 31, 2007 - Britain’s Takeover Panel announces that after an auction Tata Steel had agreed to offer Corus investors 608 pence per share in cash. The 6.2-billion-pounds offer is a third more than its original offer and tops a final bid of 603 pence from CSN.

Source: Reuters

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