Tata Steel Updates on Acquisition of Corus Group Plc, UK

Tata Steel Ltd has announced that the Board of Corus Group Plc, UK at its meeting held on January 31, 2007 has recommended to its shareholders the revised acquisition by the Company.

The announcement in respect of the recommended revised acquisition released by the Company in London on January 31, 2007 is as follows:

"(Not for Release, Publication or Distribution in Whole or in Part, in, into or from any Jurisdiction where to do the same would Constitute a Violation of the Relevant Laws of such Jurisdiction)

Recommended Revised Acquisition of Corus by the Company

The Board of the Company welcomes the announcement this morning by the Board of Corus of its recommendation of the revised acquisition announced earlier on January 31, 2007 by the Company.

Commenting on today’s announcement, Ratan Tata, Chairman of the Company, said: "From the outset we have remained determined to pursue our stated strategy of growth through international expansion and remain convinced of the compelling strategic rationale of this partnership. Following the conclusion of the auction process, the revised terms of the acquisition deliver substantial additional value to Corus shareholders. At the same time, Tata Steel gains significant platform to generate additional value."

Terms defined in the scheme document dated November 10, 2006 have the same meaning in this announcement."

Source : Equity Bulls

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