By Joe Leahy in Mumbai and Rebecca Bream in London
Thursday, February 01, 2007
 
India's Tata Steel yesterday predicted cost savings up to $350m annually after it won the battle for control of Anglo-Dutch steel maker Corus, with a £6.7bn bid that will make it the world's fifth largest steel-maker.

After more than eight hours of head-to-head bidding in London against Companhia Siderúrgica Nacional of Brazil, Tata was declared the winner early yesterday morning with a bid of 608p a share in cash, against CSN's highest bid of 603p a share.

Corus shares closed in London on Tuesday at 563p and yesterday climbed almost 7 per cent to 601?p. Tata Steel's shares fell 9 per cent yesterday, however, as investors worried that the steel company had paid too much and the deal could weigh on earnings.

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