Tata Steel makes bid for Corus

Indian steelmaker Tata Steel announced on October 16, 2006, that it has made a Pound Sterling 4.05 billion ($7.6 billion) acquisition offer to Anglo-Dutch steelmaker Corus Group Plc. "The company is in discussions with the board and management of Corus Group and it has made an indicative non-binding offer to acquire 100 percent equity in Corus Group through a recommendatory offer route at 455 pence per share in cash," Tata Steel said in a statement. "However, there is no certainty that a final offer will be made and further announcements will be made as appropriate," the statement from Tata Steel added.