| Corus Group shareholders will meet tomorrow to vote on Tata Steel's scheme for acquiring the Anglo Dutch steelmaker.
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| The court meeting will be held first followed by the extraordinary general meeting (EGM). The scheme requires approval at a meeting of Corus shareholders convened by the court while implementation of the scheme would require approval of shareholders at the EGM.
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| The revised offer announced by rival suitors CSN Acquisitions was at a price of 603 pence in cash per Corus share and Corus shareholders would have to reject the scheme of arrangement, implementing the acquisition by Tata Steel UK, the special purpose vehicle created for the acquisition.
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| Tata Steel UK would require support of 50 per cent of the shareholders present at the meeting and 75 per cent of shares in value.
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| As at March, the significant shareholders in Corus were UBS AG with 9.88 per cent, Barclays plc 3.94 per cent, CSN 3.8 per cent, Citigroup 3.66 per cent and Legal & General Investment 3.59 per cent. Tata Steel UK holds 23.31 per cent.
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| CSN has already stated that it would sell its entire capital stock to Tata Steel at the reviewed final price of 608 pence per Corus share.
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| Corus would be delisted from the stock exchanges and become a subsidiary of Tata Steel UK by April. |
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