Tatas acquire 21.1% in Corus

New Delhi, Feb 1 (UNI) Tata Steel has initiated the process to take over Corus with the acquisition of 21.1 per cent stake in the Anglo-Dutch steel maker at 608 pence per share.

The company today informed BSE that its indirect wholly-owned subsidiary Tata Steel UK Ltd has acquired 19.99 billion shares of Corus Group Plc.

Tata Steel yesterday won the battle for control over Corus with a 12 billion-dollar offer, after more than eight hours of head-to-head bidding against Companhia Siderurgica Nacional (CSN) of Brazil.

Tatas won with a bid of 608 pence a share in cash, against CSN's highest bid of 603 pence a share.

The acquisition will be funded by more debt and cash contribution by Tata Steel, the company said in a statement.

UNI