Tata Steel, Corus get US anti-trust authorities’ approval

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.

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