Tata, Corus to merge after shareholders' meeting

AFP, March, 2007

NEW DELHI (AFP) — Anglo-Dutch steelmaker Corus will merge with Tata Steel next month once the Indian company's shareholders approve the 13.7-billion-dollar takeover, Tata said Saturday.

The deal, India's biggest-ever foreign takeover, comes up for approval by Tata shareholders at a meeting next Wednesday.

Corus Group Plc will be delisted from stock exchanges in April after shareholders give the nod to the acquisition, chairman Ratan Tata told reporters in the eastern Indian city of Jamshedpur.

"Once the shareholders approve the proposal, Corus will be delisted from stock exchanges and would function as a subsidiary of Tata Steel from April," the Press Trust of India quoted him as saying.

The takeover will make Tata Steel, the flagship of the Tata...