The Board of British steelmaker Corus Group PLC said Tuesday it has received a proposal from India’s Tata Steel about a possible offer for Corus of nearly $8 billion, or $8.45 per share.
Both companies say that discussions are taking place, though a deal is not certain at this point.
It was reported earlier this month that Tata was seeking to expand its European presence. and speculation was that Tata would turn to Corus to achieve that goal. Conslidtion withinthe steel indsutry has been brisk this year, as larger players would likely enjoy greater economies of scale and find it easier to bump up prices.