The largest takeover ever attempted by an Indian corporation has helped forge new laws in two countries Raghavendra Verma reports from New Delhi
Competing schemes, an accelerated auction, offer prices distorted by time considerations and a target company arranging the financing for its own takeover: All in all, the US$12.9 billion acquisition of steel giant Corus by Tata Steel earlier this year strayed into uncharted legal waters in India and the UK.
The takeover bid for the Anglo-Dutch Corus Group, a company larger than Tata Steel many times over, went on for more than five months. It fuelled discussion about the future of Indian equity in the global arena and generated an international buzz. The deal created many unique problems that required new – and often creative – legal solutions. At times, laws had to be revised or changed.
“When the regulators start to rewrite the rules, then you know it was a difficult transaction,” says David Paterson of British law firm Herbert Smith, which advised Tata.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
