India’s Tata Steel said Wednesday it has won the auction to acquire Anglo-Dutch steelmaker Corus.
The acquisition is expected to complete in March and will make Tata the world's fifth-largest steel maker by output.
Tata’s bid of 608 pence in cash per share (approximately $12 per share), beat out rival Brizilian firm CSN’s offer of 603 pence in cash per share, making the deal worth about $12 billion. The original offer from Tata was 455 pence in November and then raised to 500 pence in December.
In a statement, Corus Chairman Jim Leng said “Tata and Corus are stronger together and will be able to compete effectively in an increasingly global environment. This combination creates a strong and robust platform for growth that will benefit all stakeholders.”