Tata wins bid for Corus

The Eocnomic Times reports that the Tata Group won the bidding for Corus for GBP 6.2 billion (plus adjusted debt of GBP 500 million) to become the fifth largest steel company in the world. The auction was held in London, where Tata's beat the competition from CSN from Brazil to make the winning bid at 608 pence a share in the ninth round of the bidding.

Speaking to ET right after the auction, Anwar Hasan, managing director of Tata Ltd in UK, said that the bidding was tense and at many times hectic, but finally the mood in Camp Tata is "naturally, very happy," at the outcome. The auction, slated to go on for 10 hours, actually lasted about 8 and half to nine hours.