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Wed, Dec 12, 2018, 7:07:49 ---- The fact: 38.682.000 visitors done.

Corus has agreed to a 4.3bn (US$8bn) takeover by Tata Steel
Steel Business Briefing
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Company: Steel Business Briefing, United Kingdom
Attn: Andrew Goodwin


The merger will see the creation of the worlds fifth largest steel company with crude steel output of more than 23m tonnes.

Corus says the link-up with a low-cost producer with access to raw materials will enable it to compete on a global scale. Tata says it will benefit from Coruss technical expertise in steels for construction, automotive and packaging.

No immediate change to Coruss operational structure has been announced. But Tata says: In the longer term, the option to supply intermediate steel from India to the finishing facilities in the UK may offer further benefits.

Tata intends to retain Coruss existing management. CEO Philippe Varin will become deputy managing director of Tata Steel. Jim Leng, Corus's chairman will become deputy chairman if the deal goes through.

In order to sweeten the deal Tata has agreed to increase the contribution rate to the British Steel Pension scheme from 10% to 12% till 1st March 2009. This is significant as the deal requires a 75% approval by shareholders, many of whom are current and past employees of the company.


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