High Court of Justice in England and Wales sanctions Tata Steel acquisition of Corus

Tata Steel Ltd has announced that at a hearing held on March 27, 2007, the High Court of Justice in England and Wales passed an order sanctioning the Scheme of Arrangement (the "Scheme") relating to the recommended offer for acquisition of Corns Group Plc, by the Company through its wholly owned indirect subsidiary, Tata Steel UK Ltd, at a price of 608 pence per ordinary share in cash. This follows approval of the Scheme, by the requisite majorities of Corus shareholders, at the Court Meeting and the Extraordinary General Meeting, which were held on March 07, 2007.

Shares of the company are trading at Rs.445.95, up 0.93% or Rs.4.15 on volume of 1115044 shares. The stock had an intraday high of Rs.448.40 and low of Rs.437.60.

Source : Equity Bulls

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