The High Court in Britain has approved the $12 billion take over of Anglo- Dutch steel maker Corus Group by the Indian steel giant Tata Steel. The deal is expected to be completed by early next week.
The High Court of Justice in England and Wales on Tuesday sanctioned the scheme of arrangement related to Corus' acquisition by Tata Steel at a price of 608 pence a share, the London Stock Exchange listed firm said in a regulatory filing.
The court verdict follows approval of the deal by shareholders of Corus Group with a great majority of over 96 per cent on March 7.
Corus said that trading in its shares at LSE and Amsterdam Stock Exchange and in American Depositary Shares at New York Stock Exchange was expected to be suspended on March 29 while another court hearing was scheduled for March 30 to confirm the reduction in the company's equity capital.
Tata Steel had said on February 7 that it plans to dispatch the consideration pursuant to the scheme as soon as possible on or after April 2.
The Tata-Corus saga