JOURNEY FROM JAMSHEDPUR TO LONDON

IT WAS WAY BACK IN 1869 WHEN TATA STEEL FOUNDER LATE JAMSHETJI SAID THAT OUR YOUNG MEN HAVE PROVED THAT THEY CAN NOT ONLY HOLD THEIR OWN AGAINST THE BEST RIVALS IN EUROPE ON THE LATER'S GROUND, BUT BEAT THEM HOLLOW.
5 PENCE GIVES INDIA A POUND OF UK
TODAY IS THE DAY WHEN TATA STEEL CLIMBS INTO WORLD'S TOP 5th STEEL COMPANY AFTER BUYING OUT CORUS FOR $12.1BILLION(RS.54000CR)IN ALL CASH DEAL.IT IS CLEARLY THE LARGEST EVER BUYOUT BY ANY INDIAN COMPANY .THIS ALSO MAKES TATA STEEL 5th INDIAN COMPANY TO ENTER IN FORTUNE 500 LIST.
AFTER THIS BUYOUT THE COMBINED CAPACITY WILL REACHED 24 million TONNES.
IT TOOK LOT OF HARD WORK FOR ALL THE TOP BRASS AT TISCO TO CLINCH THIS DEAL. IT ALL STARTED FEW MONTHES AGO WITH THE OFFER PRICE BEING 500PENCE WHICH ENDED TODAY AT 608PENCE COMPARED TO CSN'S BID OF 603PENCE.THERE WERE 9 FULL ROUNDS OF BIDDING OUT OF WHICH 8 ROUNDS WERE OPEN AND THE LAST BEING IN CLOSED PAPER.
BUT THE IRONY WITH TATA STEEL(TISCO)IS THAT 6AM THE DEAL WAS CLOSED AND AT 3PM IN THE AFTERNOON SHARE PRICE OF TATA STEEL CRASHED BY 11% VALUING. ABOUT THE $12.1BILLION $4.1BILLION WILL BE FROM INTERNAL FUNDS AND THE REST BEING FUNDED BY 3 BANKS NAMELY ABN AMRO,DEUTSCHE BANK ,CREDIT SUISSE .EQUITY WILL BE BRIDGED FINANCE.