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Tata Steel to make payment for Corus acquisition on Apr 11
Tata Steel UK's board of directors has confirmed that the consideration money and applicable loan note certificates would be dispatched to Corus shareholders on April 11.
Updated : Sep 14, 2017, 04:18 PM IST
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LONDON: Indian conglomerate Tatas will make the payment for its $12 billion takeover of Anglo-Dutch steel giant Corus Group Plc on April 11 -- the last step in completing the largest overseas acquisition by an Indian firm.
Tata Steel UK Ltd's board of directors has confirmed that the consideration money and applicable loan note certificates would be dispatched to Corus shareholders on April 11, the steel giant said in a regulatory filing here.
The announcement comes after the completion of the deal on April 2 when Corus became Tata Steel's subsidiary following all necessary regulatory and shareholder approvals.
Tata Steel had outbid Brazil's CSN to acquire Corus at a price of 608 pence a share after a nine-round auction earlier this year, making it the world's fifth largest steel firm.
Tata Steel has already spent close to 2.5 billion dollars by acquiring about 21 per cent stake in Corus through open market transactions.
Under the terms of the agreement, Tata Steel was required to make all the payments within 14 days of the deal coming into effect, that is by April 16.
Tata Steel Vice President (Finance) Koushik Chatterjee had said on January 31 after winning the auction that Tata Steel's contribution to the bid would be around 4.1 billion dollars and the balance would be arranged from various banks.
The deal was approved by Corus shareholders on March 7 and by a UK court on March 27, followed by suspension in trading of Corus shares on March 30 on London Stock Exchange.
Corus shares were also delisted from Euronext stock exchange in Amsterdam on Thursday.
