The document summarizes a merger between Tata Steel and Corus Group. Tata Steel acquired Corus, which was four times larger, for $12 billion, making it India's largest foreign takeover. The acquisition created the world's fifth largest steelmaker and expanded Tata Steel's global presence. Negotiations took place over several months, with Tata Steel increasing its initial offer several times before winning Corus shareholders' approval. The rationale for the deal was to increase Tata Steel's production capacity and access new markets, establishing it as a major global steel producer.

2. MERGERS & ACQUISITION

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11. Major Acquisitions – Big Deals Target Buyer Value($bn) Year Arcelor Mittal Steel 31 2006 NKK Corp Kawasaki Steel 14.1 2001 LNM Holdings Ispat Intl 13.3 2004 Tata Corus 12 2006 Krupp AG Thyssen 8.0 1997 Dofasco Arcelor 5.2 2005 Intl Steel Mittal Steel 4.8 2005

14. Acquisition Process Particulars Corus Currency: Rupee Millions TATA Steel Ltd Currency: Rupee Millions Year 2006 2005 2004 2006 2005 2004 ASSETS 582750.00 533925.00 467775.00 205,450.70 177,033.10 147,988.70 DEBTS 98100.00 105525.00 96000.00 45,932.70 42,073.10 39,982.90 LIABILITIES 231300.00 178425.00 155475.00 30492.10 33146.80 32665.90 REVENUE 760500.00 699900.00 596475.00 202,444.30 159,986.10 111,294.40 NET INCOME 33900.00 33450.00 -22875.00 37,346.20 36,032.60 17,887.80

28. In-house systems synergy Operational Excellence (low cost producer) Product Leadership (best product) Customer Intimacy (best total solution)

30. Culture M&A Strategy Resources Business Objective Structure Leadership Person

31. Global Steel Ranking: (Ranking of Tata steel before deal- 55) Company Capacity (in million tonnes) Arcelor - Mittal 110.0 Nippon Steel 32.0 Posco 30.5 JEF Steel 30.0 Tata Steel - Corus 27.7 Bao Steel China 23.0 US Steel 19.0 Nucor 18.5 Riva 17.5 Thyssen Krupp 16.5