Tata Corus is the fifth largest steel maker in the world.
Tata Steel Stocks have experienced 21 per cent absolute gain since February 2007.
Fall in steel production in UK every year since 2007 . The more competitive operations in the Netherlands have fared better, with output staging a recovery in 2010 itself, with production this year up another 10 per cent.
Tata Motors in the year 2008 acquired two of the most recognized premium segment car brand - Jaguar & Land Rover for a price tag of $2.5 billion. This presentation tells you about the history of Tata Motors, Jaguar and Land Rover, details of the deal, key motives of the merger, challenges in the merger, and both the companies current stage.
House of Tata: Acquiring a Global FootprintAbhigyan Singh
The 134-year-old Tata Group with 95 operating companies (31 of them publicly traded) and 230,000 employees, it is India's largest private-sector employer, its biggest taxpayer, and its greatest foreign-exchange earner.
Business recommendations and statistical analysis based on previous patient data using excel. Used a simple linear regression and a multiple linear regression to find out the specific quantitative relationship between the target variable and the explanatory variables. The multiple regression analysis provided insights on which explanatory variables have a major influence on the target variable, the Total Cost to the Hospital. Previous patient data was not enough to determine the cost to hospital.
The presentation talks about the acquisition of Arcelor by the Mittal company in the year 2006 headed by Mr. Lakshi Mittal. It is often regarded as on of the most controversial deals in the M&A industry.
This project is about mergers and acquisitions in steel industry. A case of Tata Steel and Corus has been taken to understand the concepts and theories of mergers and acquisitions. Data are latest upto year 2014. Hope it is beneficial for the readers. Please give your remarks.
Tata Motors in the year 2008 acquired two of the most recognized premium segment car brand - Jaguar & Land Rover for a price tag of $2.5 billion. This presentation tells you about the history of Tata Motors, Jaguar and Land Rover, details of the deal, key motives of the merger, challenges in the merger, and both the companies current stage.
House of Tata: Acquiring a Global FootprintAbhigyan Singh
The 134-year-old Tata Group with 95 operating companies (31 of them publicly traded) and 230,000 employees, it is India's largest private-sector employer, its biggest taxpayer, and its greatest foreign-exchange earner.
Business recommendations and statistical analysis based on previous patient data using excel. Used a simple linear regression and a multiple linear regression to find out the specific quantitative relationship between the target variable and the explanatory variables. The multiple regression analysis provided insights on which explanatory variables have a major influence on the target variable, the Total Cost to the Hospital. Previous patient data was not enough to determine the cost to hospital.
The presentation talks about the acquisition of Arcelor by the Mittal company in the year 2006 headed by Mr. Lakshi Mittal. It is often regarded as on of the most controversial deals in the M&A industry.
This project is about mergers and acquisitions in steel industry. A case of Tata Steel and Corus has been taken to understand the concepts and theories of mergers and acquisitions. Data are latest upto year 2014. Hope it is beneficial for the readers. Please give your remarks.
An Analysis of the Impact of Merger and Acquisition of Corus by Tata SteelIOSR Journals
Merger and Acquisition have became exclusive trend in steel industry globally since the beginning of the 21st century. Corporate integration in the corporate world is accomplishing significance and concentration especially with an exciting undertaking of intense globalization. This is the clear evidence from the importance and increasing growth of deal values and resulted with more corporate integration in recent times. These studies examine the key motive drivers and evaluate the impact of mergers and acquisition in steel industry on event study approach. This event study focused on Tata steel – Corus Acquisition during the year 2007. The study used a published financial statement which consists of secondary data. The financial statements are analysed and tested by using correlation co-efficient and t- test. The outcome of the analysis disclosed that there is a significant difference between pre – post merger and acquisition in capital base and level of returns. There is a significant difference between pre – post merger and acquisition EPS. The finding of this study evolves those synergies, increased capitalization with the proof of changes in returns, profitability based on the research findings. It can be summarized that the corporate integration has increase the organizational performance also contributed to the growth of the steel industry
Accompanying slides for the book "The Population of the UK" by Danny Dorling, Cartography by Benjamin Hennig, published by Sage (2012)
http://www.uk.sagepub.com/books/Book238949
The history and political system of the United KingdomKarine Grigoryan
My presentation includes the British Empire and its role throughout the world, starting with its geography, where it is situated, then language, religion and population. I'll rebound the history of the Great Britain, how it has arised and developed. The UK has the most powerful political system with the head of constitutional monarch. What attracted me the most in the UK, is its policy and relations with the European countries, and also with its fourteen overseas territories. I pay attention to the conflict with Scotland, especially what kind of relations they have now. As the role of education in the UK is huge, I represent the educational system in the Great Britain. The capital city of the United Kingdom is London, which is also the most populous region and urban zone, so I’d like to present it as one of the most beautiful cities in the world, with its sightseeing, places that have historical significance, places that everyone should see at least once in their life. Moreover, I rebound the British culture, its Literature, Music, Film industry, Sport, and also British traditions and holidays, and its national symbols.
Conducting an Organizational Assessment 4
Conducting an Organizational Assessment
Name: Michael Carlson
Instructor: Godwin Igein
Course: MGT416
Institution: Argosy University Online
Date: Nov 25, 2015
Tata Steel, the flagship company of Tata group, has crude steel production capacity of 30 million tonnes per annum. It was founded by Jamsetji Nusserwanji Tata. It is the world’s second-most geographically diversified steel producer (Tata Steel, n.d.). They have their presence in almost 50 countries with an employee base of 80,000 people. As on March 31, 2015, the group had an overall turnover of Rs 139,504 crores (India Infoline, 2015).
They established their first steel plant in 1907 in Jamshedpur, India. From there on they have moved on to setting up new steel projects in Jharkhand, Odisha and Chhattisgarh.
Raw material integration is the strategy that sets them apart from their competitors. The prices of the raw materials used by them are highly volatile. The basic raw materials used by them are iron ore and cooking coal. They have their own mines and collieries which satisfy their raw material requirement. For additional requirement, they enter into future contracts with suppliers so as to ensure a continuous flow of raw material and have a hedge against price volatility. In fact, the company is exploring mining opportunities overseas also. The minerals that are grabbing their eyeballs overseas are Limestone and Ferro chrome. They want to have full control on raw material resources so that there is no interruption with its supply. This strategy also ensures that they are able to provide very competitive prices for their products.
The company has also been a continuous investor in various research and development projects to improve its quality and provide better rates to the customers. Tata Steel’s R&D centres are now conducting research programmes to improve the life cycle and sustainability of its products. These include projects to reduce energy consumption, CO2 and other emissions (Tata Steel, n.d.).
Tata Steel had also launched a program, Kar Vijay Har Shikhar. This program involves the use of Total Quality Management and various statistical tools to improve their process.
The company’s strategy for global markets is to become global benchmark in value creation and corporate citizenship in steel industry (Tata Steel, n.d.). They have their main focus on innovating new and distinct products for the international markets that satisfy the needs of their customers. They have been continuously investing in terms of time and money to improve their manufacturing facilities and provide best quality products at competitive prices.
The company has also been investing in a number of mergers and acquisitions to improve their global presence. They have acquired NatSteel and Millenium Steel thereby increasing their pr.
Vodafone acquired HTIL (Hutchison Telecom International)’s 67% stake in Hutchison-Essar.
Relations between Hutchison Telecom and the Essar group of India will be key to the sale of Hutch's 67% stake in Hutch-Essar.
Bharti had a very low “Net Debt to Equity Ratio” of 0.05 at the end of Dec., 2009 which means that it was virtually a debt free company
It is good to have low debt but zero debt is not a desirable situation as debt can increase the shareholders’ return on their investment due to tax advantages associated with borrowing
Mergers and acquisitions (abbreviated M&A) is an aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new location, without creating a subsidiary, other child entity or using a joint venture.
Apollo Tyres snapped up the Findlay, Ohio-based Cooper Tire & Rubber for a staggering $2.5 billion.
It’s the largest deal in India’s automotive and tyre industry.
Banking is defined accepting for the purpose of lending and investment, deposit of money from the public repayable on demand or otherwise and withdraw by cheque, draft order or otherwise.
Ombudsman - An official appointed to investigate individual’s complaint against maladministration especially that of public authorities.
By spelling out the rights and remedies of the consumers in a market so far dominated by organized manufacturers and traders of goods and providers of various types of services, the Act makes buyer beware a thing of the past.
Bankers keep their accounts & its various details by maintaining various ledgers & journals . When any claim on the bank needs to be established or proved in court these books need to be produced in court.
In this book the word ‚“CHEESE“ is used as metaphor for what anybody want to have in life- wether it is a good job, a loving relationship, money or a possession, health or peace of mind.
The 4 characters depicted in the story are intended to represent the simple and complex parts of our self regardless of our age, gender or race.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
2. Motivation behind the merger
Tata Steel
Corus
To tap mature European market.
To extend its Global reach through TATA.
Technological benefits.
To get access to Indian Ore reserves, as
well as virgin market for steel.
Corus’s patents and R&D facilities.
To get access to low cost materials.
Cost of acquisition is lower than setting up
of Green field plant & marketing and
distribution channel.
Saturated market of Europe.
Decline in market share and profit
TATA manufactures Low Value, long and
flat steel products ,while Corus produce
High Value Stripped products.
Huge accumulated debt : 2433 million
GBP
3. How was Corus acquisition strategically fit for Tata?
Tata’s long term strategy:
• If raw materials and energy sources available – Creation of
Greenfield capacities (Both India & Abroad).
• If raw material not available but there are markets either developed
mature or growing markets – Acquisitions (Eg. NatSteel
Asia, Singapore) and Millennium steel, Thailand )
4. Acquisition process
• October 17, 2006 : Tata Steel’s initial offer 455p per share.
• October 23, 2006 : The Brazilian Steel Group CSN recruits a leading
investment bank to offer advice on possible counter-offer to Tata Steel’s
bid.
• November 3, 2006 : The Russian steel giant Severstal announces
officially that it will not make a bid for Corus
• November 18, 2006 : The battle over Corus intensifies when Brazilian
group CSN approached Corus with a bid of 475p per share
• December 18, 2006 : Within hours of Tata Steel increasing its original bid
for Corus to 500 pence per share, Brazil's CSN made its formal counter
bid for Corus at 515 pence per share in cash, 3% more than Tata Steel's
Offer.
• January 31, 2007 : Britain's Takeover Panel announces in an e-mailed
statement that after an auction Tata Steel had agreed to offer Corus
investors 608 pence per share in cash
• April 2, 2007 : Tata Steel manages to win the acquisition to CSN.
5. Terms of the transaction
• Offer price: 608 pence/ share
• Consideration: $12 billion (Payable in cash not later than 2 weeks following
the official date of the completion of the transaction.)
• Tata’s Contribution (Equity) : Only $4 billion
• Remaining Contribution (Debt) :
6. Initial market reaction
Price paid by Tata represents:
A very high 49% premium over the closing mid market share price of
Corus on 4 October, 2006
A premium of over 68% over the average closing market share price over
the twelve month period.
Since the deal was fully paid for in cash, automatically makes it more
expensive - £1.84 billion cash outlay
Tata financed only $4 billion of the Corus purchase from internal company
resources. More than two-thirds of the deal financed through loans from
major banks.
New Debt for acquisition = $8 billion
Expected annual interest charges = Upto $640 million (8% annual
interest cost)
Corus’ existing interest debt charges = $400 million (p.a.)
Combined entity’s interest obligation = approximately $725 million
Consequently , the day after the acquisition was officially announced, Tata
Steel’s share fell by 10.7 percent on the BSE.
7. Potential synergies
•
Tata Steel would get an access to the European market via Chorus’s well defined network.
•
It will have a low cost position in Europe and South East Asia.
•
The deal would expand scale from 7 MTPA to 25 MTPA and reap significant economies of scale.
•
Increasing the capacity of the company beyond 50 million tons by 2015 so as to become one of 3
top steel producers in the world.
•
The combined entity will have more efficient operations through enhanced optionality to optimize
asset base and material flow, including sourcing of raw materials, and semi-finished steel.
•
Better equipped to race intensifying competition arising from consolidation in the industry globally.
•
There was a strong cultural fit between both the companies.
•
The acquisition was in line with Tata Steel’s stated objective of having a global distribution network.
•
With 84,000 employees across four continents and a joint presence in 45 countries, would make
the combined entity a serious rival to other steel giants.
•
Estimated increase in EBITDA to 25% for joint entity by executing Tata steel’s brownfield and
greenfield projects well in time.
8. Post-merger integration
Tata Steel formed a seven-member integration committee to spearhead its union
with Corus group.
Head of the committee : Ratan Tata,
Three Tata Steel members:
B Muthuraman (MD)
T Mukherjee (Deputy MD (steel)
Kaushik Chatterjee (CFO)
Three Corus members:
Phillipe Varin (CEO )
David Lloyd (executive director (finance)
Rauke Henstra (division director (strip products)
Several Taskforce Teams to ensure integration specific activities.
Organizational structure for Group Strategy Function : Strategy Development,
Strategic Modelling, and Industry Group.
9. Situation now
Tata Corus is the fifth largest steel maker in the world.
Tata Steel Stocks have experienced 21 per cent absolute gain since February 2007.
Fall in steel production in UK every year since 2007 . The more competitive
operations in the Netherlands have fared better, with output staging a recovery in
2010 itself, with production this year up another 10 per cent.
Indian operations produce less than half of the steel volumes that European
operations produce but accounted for 60 to 96 per cent of the company's total
profits between FY08 and FY11.
In FY10, Indian business’s Rs 5,000-crore reported net profits went a long way in
stemming the red-ink resulting from the European operations consolidated losses
of over Rs 2,000 crore.
Net sales between FY08 and FY11 fell from Rs 131,000 crore to Rs 118,000 crore.
10. Situation now Contd.
Adjusted net profits slipped from Rs 7,359 crore to Rs 6,560 crore over the same
period.
Sale of its unprofitable three-million-tonne-a-year Teesside Casting operations for
a bargain price of about $700 million. A range of other assets has also been sold
off including Corus' aluminium and chemical businesses.
The India operation's gross debt has moved from Rs 18,000 crore in FY08 to Rs
28,000 crore at the end of FY11.
Cash from its rights offer earlier this year, issue of hybrid instruments and the sale
of various assets, the company has seen consolidated net debt:equity moderate
from 1.44 in FY08 to 1.2 during the most recent quarter ended June 2011.
In an attempt to insulate the European arm from volatile input costs, Tata Steel
had to make additional investments in the past five years invested in iron ore and
coking coal mines in Canada, Africa and Australia.
On May 13th 2013 Tata Steel announced a $1.6 billion impairment, mainly of its
takeover of Corus.