Tata Steel bids for Corus acquisition

Kolkata, Oct 17 (UNI) Tata Steel today announced that it had made a ten billion dollar acquisition offer to Corus Group Plc, the largest steel maker of the UK.

In a statement, the company said it had made an "indicative non -binding offer to acquire 100 per cent equity" in Corus Group Plc and discussions in this regard were on with the Borad and Management of the UK company.

The offer had been made through a recommendatory offer route at 455 pence per share in cash, it said.

Tata's offer is 4.84 times Corus's Ebitda, based on the UK steelmaker's earnings in the 12 months through June 30. Tata values the "enterprise offer" at ten billion dollars, including debt.

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