Tata Steel's Acquisition of Corus
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"The financials for this deal [require] high performance levels, perfect post-deal execution and sustained high steel prices. It is a risky game and will be okay for Tata as long as the economy is growing and no major bumps occur. If [these bumps] do occur, they can become a challenge, and I am reminded of the high leverage days of the mid-1980s."1
- Vivek Gupta, Managing Director, AT Kearney (India), in February 2007.
"Indian steel companies are on a consolidation mode. The Tata-Corus deal has set many records. So far, the only $1 billion-plus deal was done by ONGC, and it's the first milestone for India Inc, with the Tata deal crossing $10 billion mark. It's a landmark deal since an Indian company has taken over an international company three times its size."2
- S. Mukherji, Managing Director, ICICI Securities, in February 2007.
Tata Steel outbid the Brazilian steelmaker Companhia Siderurgica Nacional's (CSN) final offer of 603 pence per share by offering 608 pence per share to acquire Corus.
1] "Did Tata Steel Overheat in its Zeal to Win Corus?" Knowledge@Wharton, February 08, 2007.
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