Forum: Corus » overzicht buitenlandse berichten tata vs coru » Pagina: 4 | Belegger.nl

overzicht buitenlandse berichten tata vs coru

94 Posts, Pagina: « 1 2 3 4 5 » | Laatste
Aantal posts per pagina:  20 50 100 | Omlaag ↓
[verwijderd]
0
Rumours of Brazilian counter-bid to Tata offer for Corus
Rex Mathew
19 October 2006

Within days of the formal announcement by Tata Steel about an initial non-binding offer to acquire Corus Group Plc, speculation about a possible bidding war is rising. Some steel industry analysts are suggesting that Brazilian steel maker Companhia Siderurgica Nacional (CSN) may be readying a counter-bid for Corus.

Rumours of a possible counter-bid helped lift the Corus stock on the LSE yesterday. The stock gained 8 pence, or nearly 2 per cent, to close at 487 pence yesterday.

CSN and Corus know each other very well. The two companies had tried to merge in 2002, but talks were called off for undisclosed reasons. They were partners in a Portuguese venture till early this year, when Corus sold its stake to CSN.

CSN is the largest steel maker in Brazil and has access to large reserves of iron ore though it's controlling stake in Companhia Vale do Rio Doce (CVRD). The latter is the largest global producer and supplier of iron ore and pellets. For Corus, which needs access to cheap iron ore, a merger with CSN would be equally – if not more – attractive as a merger with Tata Steel.

CSN has so far declined to confirm the possibility of a bid and has dismissed these reports as 'market speculation'. Other potential bidders like Russian steel makers Severstal and Novolipetsk have also not made any public announcements about possible counter-bids.

Meanwhile, the Corus board is reported to have met yesterday to discuss the Tata Steel Offer. No announcements have been made and the Corus management is likely to wait till Tata Steel makes a firm offer, which is expected later this week.

Analyst opinion on the possible benefits of a merger between Tata Steel and Corus is widely split. Some argue that Tata Steel would be able to achieve considerable cost savings through cheaper inputs and efficiency gains. The combined entity would have a very strong marketing footprint across Europe and a dominant position in value-added products.

However, there are concerns about the future viability of some units of Corus. While its Dutch units are performing well, Corus's UK-based plants are struggling – according to industry analysts. There are also worries about the substantial pension liabilities of Corus, which would be a drag on future profitability.

Besides, Tata Steel would be raising substantial amount of debt to finance the deal. The company has already announced investment plans of at least $15 billion for organic expansion in India, which would require additional debt financing. Many analysts are worried about Tata Steel's ability to service this debt, especially if the steel cycle takes a down turn.

---------------------------------------------

[verwijderd]
0
Tata Steel may sweeten Corus bid

CORPORATE BUREAU & AGENCIES
Posted online: Thursday, October 19, 2006 at 0228 hours IST




MUMBAI, OCT 18: Tata Steel, which on Tuesday offered to acquire 100% stake in UK-based Corus Group Plc for an enterprise value of $10 billion, may now have to sweeten its bid as it faces counter bids and higher share prices. Unconfirmed reports on Wednesday said Brazilian steel major Cia Siderugica Nacional was preparing a counter-bid to the Indian steel giant’s offer.
“They may have to increase the offer by 10% or so,” agencies said quoting Amit Agarwal, metals analyst at Brics Securities. Tata Steel’s offer, at 455 pence per share, had valued Corus’ equity at $8 billion. Tata Steel could see a rival bid from firms like Russia’s Novolipetsk Steel and Severstal which are eager for global reach after Mittal Steel bought Arcelor this year, agencies said.


Meanwhile, in a move that may impact the borrowing plans of Tata Steel for a possible acquisition of Corus, Standard & Poor’s Ratings Services said it has placed its ‘BBB’ long-term corporate credit ratings on Tata Steel on CreditWatch with negative implications. The move follows Tata Steel’s offer on Tuesday to acquire 100% stake in Corus Group. The offer, at 455 pence per share, valued Corus’ equity at $8 billion.

S&P has also placed its ‘BBB’ foreign currency rating on Tata Steel’s senior unsecured bank loans of $750 million and $500 million on CreditWatch with negative implications. Investment banking sources, on the other hand, said a possible bidding war may even take the bid value to around $14-15 billion.

A Merrill Lynch report termed Tata Steel’s bid “attractive offer but strategic rationale missing.” The report further adds, “Despite an arguably attractive offer of 455p/share, the potential Corus acquisition does not offer cost synergies or a growing market.”

[verwijderd]
0
Thursday October 19, 03:41 AM
Ratings agency warns of risks for Tata Steel in Corus takeover plan

NEW DELHI (AFP) - India's Tata Steel could face financial strains in its 7.56-billion-dollar proposal for Anglo-Dutch steelmaker Corus Group, global credit ratings agency Standard and Poor's warned.

Corus Group confirmed Tuesday it had received a takeover approach from Tata, India's biggest private steel firm, that valued the steelmaker at 4.05 billion pounds (6.03 billion euros, 7.56 billion dollars).

Analysts believe Tata might have to sweeten any formal bid to win control of Corus and might also have to fend off offers from rival suitors for the firm such as Russia's Severstal.

"The size of the acquisition and the potential cash outflow of about 10 billion dollars that Tata Steel may make in its offer to Corus could have an adverse impact on its financial risk profile," said Standard and Poor's credit analyst Anshukant Taneja in a statement.

The agency said it had placed Tata Steel's investment grade 'BBB' long-term corporate credit ratings on negative credit watch, meaning the ratings could be downgraded.

At the same time, the ratings agency said, "A successful acquisition, however, can potentially improve the business profile of the merged entity."
Both companies have said there is no certainty that an offer will be made.

Tata Steel shares fell 1.36 percent to 508.70 rupees in Mumbai on Wednesday's while Corus shares rose 1.67 percent to 487 pence in London.

CLSA brokerage said in a note that the acquisition would "quickly catapult Tata Steel towards global scale" but there would be "little immediate benefits visible."

Tata has said it is in discussions with the board and management of Corus and it has made a "non-binding" cash offer of 455 pence per share in cash.

[verwijderd]
0
Hobbeltjes:

Corus-Tata deal: An instance of how laws can constrict M&A (merger and acquisition)

"There are often occasions when an interplay between SEBI regulations and those of FEMA can make it difficult for deals to be structured.

www.thehindubusinessline.com/2006/10/...
|JASON|
0
Tatas to pay $1 bn cash, Corus backs bid

Kausik Datta & Ishita Ayan Dutt / Mumbai/Kolkata October 20, 2006



Deal to be announced today; workers seek job protection.

The Tata group is likely to pay nearly Rs 4,500 crore ($1 billion) in cash to finance Tata Steel’s bid to acquire Corus Group, which is believed to have received the target company’s backing.

Corus, the Anglo-Dutch steelmaker, will announce tomorrow its support for the Tata bid, which put the enterprise value of the target company at nearly $10 billion. The details of the financing of the bid will also be announced tomorrow.

The Corus brass is said to have received the clearance of the Corus pension fund trustees.

Investment bankers said the contours of the leveraged buyout — a financing method in which the target company’s assets are used as collateral — would include about $5.5 billion (nearly Rs 26,000 crore) to be raised in debt against Corus’ cashflow.

On its own, Tata Steel will raise nearly $2.5 billion (about Rs 11,320 crore) in debt. Of this, a part will be refinanced against the equity of Tata Sons, the holding company of the group.

The amount the Tata group has to pay for Corus, which has an annual capacity of 18 million tonnes, includes a break-up fee of 1 per cent of the transaction amount. This will be forfeited in case the group pulls out of the deal.

A new dimension was added to the acquisition saga today with Community, the British steel workers union, seeking safeguards on wages and pension for Corus employees.

A British Member of Parliament also wrote to Prime Minister Tony Blair asking the government to initiate talks with Tata Steel to ensure there were no lay-offs. Corus has 24,000 workers in Britain and 16,000 in the Netherlands.

When contacted, a Corus spokesperson said: “We are a listed entity. We will inform the stock exchange in case of a decision, immediately.” The Tata Steel spokesperson was not available for comments.

If the deal is approved by the Corus board tomorrow (it will propel Tata Steel to the sixth position among the world’s largest steel companies from its existing rank of 56), any counter-bid will have to be approved by Corus’ pension fund trustees.

The Tata group will set up a special purpose vehicle in London for the acquisition, following the pattern by which it acquired tea company Tetley six years ago, the group’s first audacious overseas takeover.

In midmorning trading in London today, Corus’ shares were at 482 pence, down 1 per cent from yesterday’s close.

ABN Amro and Deutsche Bank are advisers to Tata Steel while Credit Suisse, HSBC and JP Morgan Cazenove are advising Corus.
|JASON|
0
Landmark bid

Business Standard / New Delhi October 20, 2006



The Tata bid for Corus Steel is a landmark case in Indian corporate history. It is the first multi-billion dollar bid for an overseas company, and therefore sets a benchmark even as it stands out for boldness and strategic vision. There is always a risk in such large gambits, so the bid needs to be evaluated with a cool head, and not on the basis of nationalist pride or corporate hubris. It is striking, for instance, that steel did not figure very high on the Tata group’s priority list of businesses a decade ago; if accounts are to be believed, the group’s view of steel’s long-term profitability was not very rosy. That perspective has certainly changed, now that the rise of China and India (and other developing countries) has translated into a dramatic increase in the demand for steel, with the prospects being that such demand will keep growing for the next quarter century. Steel prices have risen sharply as a consequence, by 200 per cent and more from the trough reached early this decade, and it is only natural that this should change perceptions about the future of the business. It also helps that Tata Steel has substantially improved its operating parameters, independent of the steel price bonus.

The risk in such a context would be buying a company at the top of the business cycle. Corus Steel’s share price is reported to have doubled this year, but some of that increase has been in the wake of the Tata bid. Published reports suggest that the valuation of the company ($10 billion) is on the same ballpark basis as in the Mittal-Arcelor case of a few months ago; indeed there are indications that Tata may in fact do better than that. If that is the case, the issue shifts from price to affordability, since Corus is more than three times as big as Tata Steel. However, the Tata group as a whole has a market capitalisation of $50 billion, so the group should not find the price tag a barrier. Indeed, if the financing is to be in the same manner as other recent Tata acquisitions (a special purpose vehicle, some equity injection and the balance funding through debt which will be paid off by committing future Corus receivables), then the primary risk element consists of a sharp drop in steel prices. If that is considered a remote possibility, then the deal makes financial sense.

That leaves the question of strategic fit. Tata Steel has recently been declared the lowest-cost producer of steel in the world, while Corus makes high-end steel but has high raw material costs. If the two can be dove-tailed, then Tata Steel’s Indian mills could supply Corus and Tata would gain access to larger world markets and to technology for high-end steel production. In other words, the strategic fit is perhaps the easiest question to answer. On that basis, it might be argued that if Tata has to up its bid a little, the acquisition is still worthwhile.

None of this guarantees that the bid will go through. There could be others who throw their hat in the ring, and the Corus board has to recommend its preferred choice of action to shareholders. Judging from the reports so far, Tata seems to have the inside track. Three months ago, Tata was being asked why it had not been able to match Mittal’s far more impressive global steel record, although it has been in the steel game for much longer. The acquisition of Corus would be an effective answer to the question.
|JASON|
0
Landmark bid

Business Standard / New Delhi October 20, 2006



The Tata bid for Corus Steel is a landmark case in Indian corporate history. It is the first multi-billion dollar bid for an overseas company, and therefore sets a benchmark even as it stands out for boldness and strategic vision. There is always a risk in such large gambits, so the bid needs to be evaluated with a cool head, and not on the basis of nationalist pride or corporate hubris. It is striking, for instance, that steel did not figure very high on the Tata group’s priority list of businesses a decade ago; if accounts are to be believed, the group’s view of steel’s long-term profitability was not very rosy. That perspective has certainly changed, now that the rise of China and India (and other developing countries) has translated into a dramatic increase in the demand for steel, with the prospects being that such demand will keep growing for the next quarter century. Steel prices have risen sharply as a consequence, by 200 per cent and more from the trough reached early this decade, and it is only natural that this should change perceptions about the future of the business. It also helps that Tata Steel has substantially improved its operating parameters, independent of the steel price bonus.

The risk in such a context would be buying a company at the top of the business cycle. Corus Steel’s share price is reported to have doubled this year, but some of that increase has been in the wake of the Tata bid. Published reports suggest that the valuation of the company ($10 billion) is on the same ballpark basis as in the Mittal-Arcelor case of a few months ago; indeed there are indications that Tata may in fact do better than that. If that is the case, the issue shifts from price to affordability, since Corus is more than three times as big as Tata Steel. However, the Tata group as a whole has a market capitalisation of $50 billion, so the group should not find the price tag a barrier. Indeed, if the financing is to be in the same manner as other recent Tata acquisitions (a special purpose vehicle, some equity injection and the balance funding through debt which will be paid off by committing future Corus receivables), then the primary risk element consists of a sharp drop in steel prices. If that is considered a remote possibility, then the deal makes financial sense.

That leaves the question of strategic fit. Tata Steel has recently been declared the lowest-cost producer of steel in the world, while Corus makes high-end steel but has high raw material costs. If the two can be dove-tailed, then Tata Steel’s Indian mills could supply Corus and Tata would gain access to larger world markets and to technology for high-end steel production. In other words, the strategic fit is perhaps the easiest question to answer. On that basis, it might be argued that if Tata has to up its bid a little, the acquisition is still worthwhile.

None of this guarantees that the bid will go through. There could be others who throw their hat in the ring, and the Corus board has to recommend its preferred choice of action to shareholders. Judging from the reports so far, Tata seems to have the inside track. Three months ago, Tata was being asked why it had not been able to match Mittal’s far more impressive global steel record, although it has been in the steel game for much longer. The acquisition of Corus would be an effective answer to the question.
[verwijderd]
0
BBC is een zeer betrouwbare bron.

Corus accepts Tata's takeover bid

Reports say the takeover could be announced on Friday morning
UK-Dutch steel firm Corus has accepted a £4.1bn ($7.7bn) takeover offer from Indian rival Tata.
BBC business editor Robert Peston said the final details were now being agreed and a formal announcement was expected early on Friday morning.

The deal is the largest Indian takeover of a foreign company, and will create the world's fifth-largest steel group.

Corus, which employs 47,300 worldwide and 24,000 in the UK, has declined to comment on the news.

Increasing steel consolidation

Corus was formed by a 1999 merger between British Steel and the Dutch group Hoogovens.

Beside steel, Tata's interests range from carmaking to Tetley's tea.

The takeover comes amid growing consolidation in the global steel industry.

With both prices and demand soaring this year, led by strong demand from China, Dutch firm Mittal Steel bought European rival Arcelor for $34bn back in the summer.

In 2005, Tata was the world's 56th biggest steel producer, and its takeover of Corus represents the first expansion of its steel business outside of Asia.


[verwijderd]
1
Ik ga toch liever voor deze optie.

backs £5bn Tata Steel bidadvertisementRelated information E-mail this article Print-friendly version

All Financial Times NewsThe board of Corus, the Anglo-Dutch steelmaker, has recommended a £5.1bn takeover for the company from India's Tata Steel and will make a statement about this, possibly as soon as Friday, people close to the discussions told the Financial Times.

The move will throw down the gauntlet to any potential counter-bidders for the world's eighth biggest steelmaker. Novolipetsk and Severstal, two Russian steel companies, and CSN, a Brazilian steelmaker, are thought by some steel onlookers to be interested in making a counterbid. All three companies have declined to comment.

Buffalo(Buff)
4
analists schatten de uiteindelijke reële overname prijs in op 525-600 pence....aan het eind van het overnamespelletje


Tata Steel's final offer for
Corus will be higher

Tuesday, October 17, 2006 23:16 IST



Email Article Print Article
Most Emailed Articles RSS Feed
Most Viewed Articles Search This Site




Satish John, Sajeda Momin & Ajoy K Das

MUMBAI/LONDON/KOLKATA: It had to come. When Lakshmi Mittal wrapped up Arcelor, the entire steel industry knew that survival meant everybody had to upscale.

Tata Steel, with a puny domestic production of 5 million tonnes, was one of those watching from the sidelines -- it’s currently the 56th largest steel company in the world.

On Tuesday, when the Tatas moved centrestage by announcing an all-cash bid of 455 pence a share for 100% of Anglo-Dutch steelmaker Corus Group, the London markets shrugged it off by hitting an intra-day high of 500 pence before losing altitude.

The underlying message is clear: This is just the beginning. Like the Mittal-Arcelor bid earlier this year, the bidding for Corus won’t close at 455 pence for sure. The betting is that once the Tatas complete their discussions with Corus, a company more than three times the size of Tata Steel, the final price could be anywhere between 525-550 pence.

If, at 455 pence, the bid values Corus at $10 billion, 550 pence will take the valuation to $12.09 billion, making it the largest-ever Indian acquisition ever. It’s larger than the $12 billion wild guess commerce minister Kamal Nath has made about total inward foreign investment in 2006-07.

The challenge, in fact, could get even bigger and scarier for the Tatas, for Russian steel magnate Alexei Mordashov’s Severstahl, still licking its wounds over a failed bid for Arcelor, is widely believed to be keen on Corus.

To pull off the deal at the current bid value of 455 pence, the Tatas will have to shell out $7.6 billion (£4.1 billion), much of it in debt from the international markets. The costs may be daunting, but nobody’s questioning the industrial logic of the deal, which will create the fifth- largest steel combine in the world.

London-based steel industry analyst Raju Deswani welcomed the Tata bid and said it makes for a good fit. “Corus and Tata are a good match, complementing each other,” says Deswani, who is the global publisher for Metal Bulletin. He argues that the deal should go through fairly smoothly as there were no regulatory issues.

In a bland announcement in London, Corus confirmed that “it has received a proposal from Tata Steel regarding a possible recommended offer for Corus at a value of 455 pence per share in cash” and that discussions are taking place between Corus and Tata Steel.

In a notice to the stock exchange, Richard Shoylekov, Corus Group company secretary, emphasised, however, that “There can be no certainty that an offer will be made.”



[verwijderd]
0
quote:

Buffalo(Buff) schreef:


analists schatten de uiteindelijke reële overname prijs in op 525-600 pence....aan het eind van het overnamespelletje


Tata Steel's final offer for
Corus will be higher

Tuesday, October 17, 2006 23:16 IST



Email Article Print Article
Most Emailed Articles RSS Feed
Most Viewed Articles Search This Site




Satish John, Sajeda Momin & Ajoy K Das

MUMBAI/LONDON/KOLKATA: It had to come. When Lakshmi Mittal wrapped up Arcelor, the entire steel industry knew that survival meant everybody had to upscale.

Tata Steel, with a puny domestic production of 5 million tonnes, was one of those watching from the sidelines -- it’s currently the 56th largest steel company in the world.

On Tuesday, when the Tatas moved centrestage by announcing an all-cash bid of 455 pence a share for 100% of Anglo-Dutch steelmaker Corus Group, the London markets shrugged it off by hitting an intra-day high of 500 pence before losing altitude.

The underlying message is clear: This is just the beginning. Like the Mittal-Arcelor bid earlier this year, the bidding for Corus won’t close at 455 pence for sure. The betting is that once the Tatas complete their discussions with Corus, a company more than three times the size of Tata Steel, the final price could be anywhere between 525-550 pence.

If, at 455 pence, the bid values Corus at $10 billion, 550 pence will take the valuation to $12.09 billion, making it the largest-ever Indian acquisition ever. It’s larger than the $12 billion wild guess commerce minister Kamal Nath has made about total inward foreign investment in 2006-07.

The challenge, in fact, could get even bigger and scarier for the Tatas, for Russian steel magnate Alexei Mordashov’s Severstahl, still licking its wounds over a failed bid for Arcelor, is widely believed to be keen on Corus.

To pull off the deal at the current bid value of 455 pence, the Tatas will have to shell out $7.6 billion (£4.1 billion), much of it in debt from the international markets. The costs may be daunting, but nobody’s questioning the industrial logic of the deal, which will create the fifth- largest steel combine in the world.

London-based steel industry analyst Raju Deswani welcomed the Tata bid and said it makes for a good fit. “Corus and Tata are a good match, complementing each other,” says Deswani, who is the global publisher for Metal Bulletin. He argues that the deal should go through fairly smoothly as there were no regulatory issues.

In a bland announcement in London, Corus confirmed that “it has received a proposal from Tata Steel regarding a possible recommended offer for Corus at a value of 455 pence per share in cash” and that discussions are taking place between Corus and Tata Steel.

In a notice to the stock exchange, Richard Shoylekov, Corus Group company secretary, emphasised, however, that “There can be no certainty that an offer will be made.”






Het wordt een rook de B & R uit hun holletjes!
Want het is een waanzinnig spel en er zijn al vele miljoenen aandelen in positie gebracht en niet op de 7.40 voor niets!! ;-)

Ruud..
[verwijderd]
0
Mooi bericht Buff. Aanbevolen. (wat worden er weinig aanbevelingen gegeven zeg)
't zou toch debiel zijn als we op 6,70 moeten inleveren?
Mvg Rob
[verwijderd]
0
AFX News Limited
Corus board recommends 5.1 bln stg offer for co from Tata Steel - report
10.19.2006, 09:10 AM


AMSTERDAM (AFX) - The board of Corus, the Anglo-Dutch steelmaker, has recommended a 5.1 bln stg takeover for the company from Indias Tata Steel and will make a statement about this, possibly as soon as tomorrow, people close to the discussions told the Financial Times.

Klopt Cours.

www.forbes.com/markets/feeds/afx/2006...
Buffalo(Buff)
0
TATA kijkt al verder........ze zijn te zelfverzekerd! Kijk maar uit TATA dat je niet in je rug wordt aangevallen!

En die VARIN mogen ze van mij ook meteen onder een stalen trein duwen of omsmelten in zijn aluminiumovens. TATATRatten zijn het.

www.iht.com/articles/2006/10/20/busin...
94 Posts, Pagina: « 1 2 3 4 5 » | Laatste
Aantal posts per pagina:  20 50 100 | Omhoog ↑

Plaats een reactie

Meedoen aan de discussie?

Word nu gratis lid of log in met uw e-mailadres en wachtwoord.

Direct naar Forum

Detail

Vertraagd 01-jan-01 00:00
Koers 0,000
Verschil 0,000 (0,00%)
Hoog 0,000
Laag 0,000
Volume 0
Volume gemiddeld 0
Volume gisteren 0