LONDON/MUMBAI:
Tata Steel on Wednesday received a thumping vote of confidence for its $12 billion takeover bid for Corus Group, with shareholders having 96 per cent equity in the Anglo-Dutch company voting in support of the deal that will create the world's fifth-biggest steelmaker.
Holders of 96 per cent shares of Corus Group voted in favour of Tata Steel's bid at an extraordinary general meeting held on Wednesday, where about 23 per cent shareholders voted by proxy.
Corus Board had recommended Tata Steel's revised offer of 608 pence a share after the Indian steel major outbid a 603 pence offer from rival suitor Brazil's CSN in a regulator-held nine round auction late in January.
Interestingly, Tata Steel has already acquired close to 22 per cent stake in Corus since winning the auction through open market transactions. The deal is expected to become effective on April 2 and Corus shares would stop trading on the exchanges on March 29. — PTI
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