News: Ratan Tata to be the chairman of merged Tata-Corus entity

(Sify 20/10/2006) London - Ratan Tata, chairman of Tata Sons, will be at the helm of the merged entity called Tata Steel and Corus after the board of the Anglo-Dutch company accepted the Indian steel major's $8 billion takeover bid on Friday.

The final details are now being agreed upon and a formal announcement is expected later, when Ratan Tata addresses a press conference in London Friday evening.

Corus acquisition is to be made via the U.K subsidiary, and all board members of Corus management will stay.

B Muthuraman, MD of Tata Steel disclosed that Ratan Tata will be the chairman of both the companies. He said, "both the companies have similar work cultures and that they are looking at smoothest integration in a short span.”

Corus officials Philippe Varin, Schraven and Hayward will join the Tata Steel board while Muthuraman, Ishaat Hussain and Arun Gandhi would be on the Corus board. Both companies had a strong cultural fit, Muthuraman added.