Indian steel major Tata Steel has received approval from US anti-trust authorities for the proposed acquisition of Anglo-Dutch firm Corus Group Plc.
The two companies recieved clearance for the proposed deal from Federal Trade Commission on December_8, according to information available on the website of the US agency.
US anti-trust authority ensures market competitiveness and has an important say in mergers and acquisitions deals. It also checks anti-competitive behaviour or unfair business practices during any proposed M&A deal.
Brazil’s CSN, which yesterday outbid Tata Steel’s offer with a higher bid of 515 pence per share for Corus, has also filed an application with US anti-trust authorities.
Earlier, Tata Steel had approached European Commission, the 25-nation European Union’s regulator, on its proposed bid to acquire Corus. The EC is expected to rule by January 3.
The Commission can approve the deal, open a four-month probe or refer it to national regulators.