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Tata Steel's Global Ambitions: Acquisition of Corus

Posted: 9 Jul 2009  

Ritesh Agarwal

affiliation not provided to SSRN

Date Written: July 8, 2009


Tata Steel shook the world by announcing its move to acquire Corus - the world's ninth-largest steel producer and almost six times its size. The announcement took the global steel industry by surprise because with revenue of $3.2 billion, Tata Steel was not expected to bid for a giant like Corus which had revenue of GBP 10 billion in 2005-06. Brazil's CSN also jumped into the fray and a bidding war started.

The paper describes the Tata steel’s turn around in the 1990s and the decision drivers of Tata’s quest to acquire Corus including a threatening Mittal-Arcelor looking to enter India. We found that the valuation was in lines with the final price paid to Corus and Tata’s strategy over the years is path breaking and it may further consolidate.

Keywords: Acquisition, synergy, valuation, cold-rolling mill, Mittal-Arcelor

JEL Classification: G34

Suggested Citation

Agarwal, Ritesh, Tata Steel's Global Ambitions: Acquisition of Corus (July 8, 2009). Available at SSRN:

Ritesh Agarwal (Contact Author)

affiliation not provided to SSRN ( email )

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