Tata Steel’s Acquisition of Corus (M&A), Finance (Case Study)

TATA & CORUS: A Case of Acquisition

Introduction
Tata Steel acquiring Corus grabbed headlines all over India, and is considered a milestone in the history of Indian business.

On January 31, 2007, Tata Steel (a subsidiary of Tata Group – India’s largest private sector company) acquired the ninth largest steel producer of the world and the biggest in UK – Corus for $12.15 billion cash (around Rs. 55,000 crore). The deal took Tatas to the fifth position in the world (before the acquisition, Tata Steel were perched at the 56th position in the world). Tata Steel, who were aiming to touch the production figure of 7 million tonnes (in its centenary year of 2007) now had the capacity to make around 23 million tonnes.

It made news all over India as it was the largest acquisition by an Indian company and the second largest in the Steel industry after Mittal Steel’s $38.3 billion acquisition of Arcelor (Mittal Steel is owned another Indian ‘Lakshmi Niwas Mittal’ settled in the UK).

While experts were concerned about the price at which Tata made the acquisition, there was euphoria all around India as it was the first time an India company had made such a big move.

• Finance minister P. Chidambaram was euphoric, he said India is not just seeking foreign investment, but its entrepreneurs are now investing in other countries. He offered all kind of assistance, if needed, to close the deal.
• Lakshmi Mittal and other businessmen cheered the acquisition
• TV and newsreaders came up with sensational headlines.

Tata’s acquisition of Corus followed Mittal Steel’s $31 billion acquisition of rival Arcelor in the same year. Tata’s acquisition of a foreign company (a company that was almost four times larger than its size and also the largest steel producer in Great Britain) made it the fifth-largest steelmaker in the world.

Then group chairman Ratan Tata shard an interesting anecdote: Almost three decades back, J.R.D Tata convinced Sir Jamshed J. Irani from British Steel to work for Tata Steel, where he eventually became Tata Steel’s managing director. The young Sheffield-educated engineer was knighted by the Queen a decade back.

Until the 1990s, not many Indian companies thought about acquiring companies that were located abroad. For most Indian companies, acquiring a business in Europe or the U.K. seemed like a distant fantasy, but it all changed after this event. In the past, Indian companies made global acquisitions that averaged $100 to 200 million. In the past 5 years before this takeover, the total of all the acquisitions was worth around $10 billion (Tata bid almost equals this amount).

However, after the initial euphoria around the acquisition died down, analysts started asking the rationale behind the acquisition and the need to spend such a huge amount for this deal.

Though Corus is four times bigger than Tata, their operating profits are more or less the same. In 2006, operating profit for Tata was $840 million, and for Corus it was $860 million. The deal was worth $12billion, but Tata financed only $4 billion, taking loan on the remaining amount. Tata bought Corus at a value of $12 billion leading to Tata Steel becoming one of the top five steel producing companies in the world. The acquisition happened on 2nd of April 2007 although the negotiations started way back in 2005. However, unlike Tatas, Corus has been involved in several Merger & Acquisition (M&A). The process started in 2000 culminating in takeover by Tata. Besides Tata, Corus was involved in fourteen deals over a span of seven years. (Exhibit – 1 provides the details of the various M&A deals done by Corus).

However, the Tata Group has always defended their actions. Muthuraman (the Managing Director of Tata Steel) says the bid to acquire Corus was unanimously supported by Tata management and even recommended to its shareholders. The benefit they saw were synergies in areas like operations, manufacturing, marketing etc.

Even John Quigley (Editor, Industry Publication Steel week) had said that that the best way for steel producers located in emerging low-cost markets who wanted to get a foothold over markets of Europe was through acquiring a foreign company like Corus.

There’s no doubt the Tata-Corus acquisition was a landmark move in the history of Indian business, and several India entrepreneurs, inspired by the deal, started dreaming big and took bigger business decisions. Suddenly, it seemed India had arrived at the global arena.

However, Experts and Stock investors did not see the logic behind Tata Steel’s aggressive bidding, and felt they were offering a very high price. Stocks of Tata steel had been falling ever since the Tatas expressed their keenness to buy Corus.

Ratan Tata (then Tata Group chairman), had defended the decision to acqiore Corus, saying the market should take a long-term view of the situation. He said they had decided to buy Corus but blamed the entry of other investors, who came in the fray and increased the price (valuation of Corus during the deal).

Tata and Indian Steel Industry

Tatas are the most respected business community in India. Tata Steel has established by Jamsetji Tata in the year 1907, However, it started its operations in the year 1912.

Tata companies today are respected for their transparency and good work ethics, and Tata steel is no different. Tata Steel deserves a special mention in Indian business history, because the copany introduced several unique concepts for the benefits of the workers as listed here:

1. Eight-hour working days for staff, popularly known as one shift, which is so common nowadays
2. Leave with pay, and pension system (first time in India)
3. Credited for rapid industrialization in India and generating thousands of jobs

Years later, several Indian companies would incorporate these HR related concepts that were introduced by Tata.

Over a period of time, Tata went on to become a big business conglomerate with business interest in various industries; Oil mills, Airlines, Publishing, Motors, Consultancy services etc. The group also witnessed several ups and downs in business, but made sure it learnt from its mistakes. (Exhibit – 2, 3 & 4 provides details about the company’s performance from 1997-2006).

• In the year 2005-2006, revenues of Tata Group touched $21.9 billion (which was around 2.8 percent of India’s gross domestic product).
• Market capitalization of Tata Group had reached an impressive $63.0 billion in the year 2007, and the group was India’s biggest employer, employing close to 2,460,000 people
• The Tata Group at that time included close to 96 operating companies that were spread across different business sectors: The Company was not operating in sectors such as information systems and communications (Tata Consultancy Services – TCS), engineering, consumer products, services, energy, materials, and chemicals.
• Tata group has several publicly listed firms and has around 2 million shareholders.
• Tata Group Operations is spread across 85 countries on six continents. Over the years, the group has witnessed several mergers and acquisitions (www.tatasteel.com, 2007, July 23).

Steel is vital for construction and development, several other industries depends on the steel industry (heavy industry). As a result, the Indian Steel industry is instrumental in shaping the development of the nation

The finished steel production in India has seen an impressive growth, growing from 1.1 million tonnes in 1951 to 31.63 million tonnes in 2001-02, and Tata steel has played an important role in increasing steel production in India. Production cost of steel depends on several factors, including manufacturing technology and easy access to resources such as power and raw material. Usually, as per most published reports, in order to produce a ton of steel, almost sixty-seventy percent of the total cost is spent on acquiring raw materials while the remaining production cost is taken up by energy (coal and power) (Businesswire, 2007, June 11).

The consumption of steel from 1990 to 2002 has been continuously increasing, but that is mainly because of the big population. In terms of the per capita income however, the consumption of steel in India is much less if you compare it with other advanced countries. (Exhibit – 5 provides details about steel consumption level)

• Top Indian steel companies today export steel and steel items (HR coils, plates, CR and galvanized products, pipes, stainless steel, wire rods and wires) to several countries around the world.
• When domestic demand for steel decreased, steel companies in India set their sights on exporting. One of the consequences of that was antidumping action taken against India by developed countries like USA, EU and Canada (fearing competition). The trade actions initiated by these countries did have a bearing on India’s exports of steel to these countries to some extent. The Government of India and Indian steel producers tried to deal with the situation but the exercise was expensive and time-consuming. (Exhibit – 6 provides the details of steel production by Tata in India)

 
Global Steel Industry

Being a cyclical industry, you see ups and downs in the steel industry every few years. Thanks to global slowdown, the global steel industry has witnessed the consumption of steel go down drastically in 2007, compared to 2006.

Here are some forecasts about consumption done by International Iron and Steel Institute (IISI):

• Most of the demand for steel is from growth countries (emerging markets) like China and India. The production of steel increased from 2005-2006 in most major steel producing countries, except Brazil.
• China is not only the biggest consumer of steel, it is also the highest steel producing country in the world (the country produced close to 355.8 million tones in the year 2005 and followed it up with 418.8 million tones in the year 2006).
• Till 2010 the average demand for steel was close to be 4.9 per cent per year. However, the demand decreased in subsequent years (2010 and 2015 the growth was around 4.2 per cent). As per IISI forecast, the demand for steel (globally) would be 1.32 billion tones by 2010 and by 2015 it would reach 1.62 billion tones.
• Experts say there was space for several players to dominate the market. (Exhibit – 7 shows the details of steel production by different companies of the world) That is where companies like Tata Steel may be able to play a vital role. In fact, IISI has given several reasons why it sees Tata to make an impact.

In the year 2007, the sales of cars also took a hit, which indirectly impacted the steel industry. Reduced demand from this important market for steel had an impact on demand for steel.

• Through April 2007, sale of motor vehicle fell 3.0% and production of motor vehicles declined by 5.5%. In 2006, the situation didn’t improve as motor vehicle sales still fell 2.6%, while production declined by 2.8%.
• 2007 was no different and sales did not pick up, leading to reduced demand for steel
• Through the May, 2007 the S&P Steel Index increased by 35.1%, compared to a 6.6% increase for the S&P 1500 Index and a 14.9% rise in the S&P Materials Index. In 2006, the S&P Steel Index increased 58.2%, versus a 13.3% increase for the 1500 and a 16.6% increase in the S&P Materials Index.

Prospects for the steel industry did not look good around this time. But experts said that in the long term, there was a strong possibility that consolidation may take place, which would benefit the industry by offering greater pricing power, lower cost structure, partly helped by the fact that the US dollar continued to decline. (Exhibit – 8 provides details about the production of steel by different countries of the world).

For quite some time now, the global steel industry has been witnessing global consolidation due to a few key factors (ac cited by Anonymous, 2007, February 1, 12; Marsh, 2007, April 19; Miller, 2007, January 3; www.tatasteel.com, 2006, October 20):

• Key/Big players wanted to gain efficiencies from scale of operation
• They wanted to access new and growing markets
• They wanted to increase their purchasing power against suppliers and buyers.

Ratan Tata, who once gave an interview to McKinsey Quarterly (and as quoted by Wheatley in Financial Times, January 29, 2007) had said that he believed that those who had a major control over iron (owners) would eventually rule the industry (similar to how OPEC controls the oil industry).

Post 2004 saw an increase in worldwide demand for steel as a result of which, steel prices started rising. However, the party didn’t last long due to the global economic crisis. There was a time in the mid-2000s when there was an increasing demand for steel, fueled by growth in economy of counties like China and India.

In fact, the growth was so rapid in China that it decided not to depend on its own domestic supplies of steel. As a result, China was soon importing steel from major international producers in substantial quantities, as a result of which steel prices remained high. During that time, those in the know-how of things felt that China, the world’s biggest steel maker, may increase its steel capacity (as the domestic demand stagnated) because of which, steel prices would head downwards. (Marsh, 2007, April 19).

When growth slows down, it is common to witness consolidation. With demand for steel not growing at a rapid rate, top steel players were thinking of merging in order to consolidate. Considering the business scenario, it made business sense for only a handful of worldwide global giants to exist in the global steel industry. Experts believed that there were advantages having only a few top steel producers: prices would stabilize and the top steel producing companies would get better margins (as stated in Anonymous, 2007, February 2, 1; Ibsen & Lawrence, 2007, May 4, 19; Marsh, 2007, April 19, 25).

Here are some of the major Mergers & Acquisitions that happened in 2002 in the world steel industry (Anonymous, Metal Producing & Processing in May/June 2007; Bream, 2006, November 21; Ibison & Lawrence, 2007, May 4; Leahy, 2007, April 17; Marsh, 2007, June 6; Marsh, 2007, April 19; Marsh, 2007 April 9; Miller, 2007, January 3; Range, 2007, April 26; Reed, Arndt, Lakshman, & Smith, 2007, April).

• Mittal Steel bought over the company International Steel Group in the year 2004. The American company included assets of the previous Bethlehem Steel
• Russian steelmaker Evraz Group bought Oregon Steel Mills of the U.S. in October, 2006. The deal was valued for $2.3 billion.
• Mittal’s offered $36.1 billion offer to merge with Arcelor in 2006. The merger created the largest steel company in the world at that time.
• Nucor, the second largest US steel producer, acquired Harris Steel Group of Canada in January 2007. The deal was valued $1.07 billion
• Mitsui & Co. Ltd bought over the steel company ‘Steel Technologies, Inc.’ for $350 million
• The former Calumet Steel (CaluMetals) steel company was acquired by Keystone Consolidated Industries, Inc.
• Sumitomo Metals and Vallourec were planning to start a joint venture in Brazil, expected to be in production by 2010
• Companhia Vale do Rio Doce bought Nucor’s share in a joint venture in Ferro Gusa Carajas S.A.
• Russian steel giant Severstal invested $800 million in a new plant in Mississippi and $900 million in a plant near Detroit
• Essar Group of India made $1.6 billion investment in Algoma Steel of Canada (2007) and gave $4.65 billion offer to buy Minnesota Steel Industries
• Swedish steelmaker, SSAB, made a $7.7 billion dollars cash offer on May 4, 2007 to acquire Ipsco of Canada
• In spring 2007, Arcelor-Mittal bought Sicartsa, producer of long steel products from Groupo Villacero. The deal was finalized for $11.4 billion.

With consolidation happening everywhere in the steel industry (in 2007) bigger companies were considering smaller acquisitions, many of which were in North America. These companies were seen as potential targets, which could be acquired (Marsh, 2007, June 6):

• Specialty steel maker for the US auto industry, AK Steel, was valued over $5 billion
• Allegheny Technologies, which specialized in difficult-to-make steel was worth $14 billion
• Biggest US-based steel maker US Steel, with several specialty divisions, was worth about $16 billion.

The world steel industry had been experiencing tremendous volatility over the last couple of decades and experts were of the opinion that mergers would help stabilize prices in the world steel industry. Lakshmi Mittal, CEO of Arcelor-Mittal the world’s biggest steelmaker, also echoed a similar sentiment.

Arcelor-Mittal’s share price increased steeply (positive impact) after Mittal took over Arcelor for $36.1 billion in the year 2006. The positive sentiment originating from the Arcelor-Mittal merger impacted other steel stocks as well, and the global steel industry stock market index rose more than 24% compared to the overall index for all world stocks. This was also one of the reasons that galvanized Tata Steel to consider making an acquisition.

According to experts, including M&A specialist D. G. Dwyer of Industry Corporate Finance Ltd., the most positive impact of Arcelor-Mittal merger and Tata Steel’s acquisition of Corus was that created a more stable steel industry.

However, unfortunately for Tata Steel, all that positive sentiment reversed in 2008, when the global economy started shrinking. Competition emerged as Chinese started preferring their domestic steel companies and started offering protection for its steel industry by raising import duties. As a reaction to the global economic downturn, global steel production dropped in 2008.

All this resulted in loss of jobs, investments started getting deferred, and the steel industry throughout the world had to brace for hard times. Although Indian government offered support to the steel industry, a number of Tata’s companies were challenged by the loss of global demand in the steel and automobile industries.

Corus and Steel Production in the U.K

Corus Group plc is basically an Anglo-Dutch company. It was formed by merging British Steel and Dutch Koninklijke Hoogovens on 6th October 1999,. This was the time when several steelworks companies were privatized by the U.K. government.

• Corus had headquarters in London, and was an international company, satisfying the requirements of steel customers located worldwide. Its customers were from a wide range of industries — aerospace ventures, construction, engineering, automotive, defense and security, rail and shipbuilding, and more.
• The core business of Corus was to manufacture, develop and allocate steel and aluminum products and services. It had four divisions: Strip Products, Long Products, Aluminum and Distribution and Building Systems. Corus made a wide variety of products — electrical steel, narrow strip, plates, packaging steel, plated steel strip, semi-finished steel, tube products, wire rod and rail products and services.
• Besides steel, Corus was also involved in other businesses. It was involved in design, technology and consultancy services.

The company was the largest steel producer in the UK with annual revenues of £10,142 (for 2005) and employing around 50000 employees. The company spends over £6 million every year for the purchase of various goods needed to make steel (as well as for services), such as iron ore and coal, alloys, refractory, rolls and paint in order to run its business operations.

Over the years, Corus has made several acquisitions. Looking at the financial status of the company from 1996-2005, you can see fluctuations in earnings throughout the years can be seen. (Exhibit – 9 & 10 provides details of financial performance of Corus over the years)
 
The Deal

As has always been stated by Tata, the initial motive behind acquiring Corus was not its revenue size, but what got them interest in Corus was its market value. Corus was lot bigger in size compared to Tata, but was valued less than Tata (at approximately $6 billion) when the deal negotiations initially started.

The whole acquisition was valued at ₤6.2 billion. Tata Steel and CSN were the two companies interested in buying Corus. Tata Steel finally won with a bid worth 608 p for one share which was more than Brazil based CSN, who made a bid worth 603 p for one share.

The complete acquisition of Corus by Tata Steel made the news on April 2, 2007, and the combined company was expected to be operated by an arm of Tata Steel.

Corus management supported the deal as they saw synergies between the two entities which could provide them with a business advantage. For a long time, Corus were looking out for a potential buyer that would give some boost to its stagnating sales, and were happy with the acquisition by Tata Steel.

Tata Steel and Corus released the facts about the deal in a press release, which mentions that in 2007 the total production of crude steel by the joint company would stand at 27 million tonnes, the total number of employees would stand at 84,000 and the company’s presence wold span across 45 nations.. The news entity would pose serious threat to its rivals.

• The official declaration of the acquisition was announced to be effective by Court of Justice in England and Wales and consistent with the Scheme of Arrangement of the Tata Steel Scheme on April 2, 2007.
• According the Scheme regulations, Tata Steel would need to deliver a consideration within 2 weeks following the official date of the completion of the transaction. The process started on September 20, 2006 and completed on July 2, 2007.

Here’s more on the details of the acquisition, which witnessed several ups and downs. Here are the details.
• September 20, 2006 : Corus Steel announces its intention to enter into a joint venture with a business involved in cheaper production of steel
• October 5, 2006: Coincidentally, Tata Steel announces its ambition to carry on with the expansion of their operations.
• October 6, 2006: Tata steel made the first bid for buying Corus which was very less.
• October 17, 2006 : Tata Steel decides to keep its offer to 455p per share.
• October 18, 2006 : Tata didn’t react to Corus and keeps the bid price as it was.
• October 20, 2006 : Corus decided to agree to conditions under the acquisition bid put forth by Tata Steel which was worth ₤4.3 billion
• October 23, 2006 : Brazil based CSN takes help of a leading investment bank to offer make counter-offer to Tata Steel’s bid.
• October 27, 2006 : Chairman of JCB, Sir Anthony Bamford, criticizes Corus for its decision to accept an offer from Tata.
• November 3, 2006 : Russian steel giant Severstal changed their decision to not bidding for Corus
• November 18, 2006 : Later, Brazil based CSN decided to go to the board of Corus board bidding at 475p for one share, thus intensifying the battle.
• November 27, 2006 : Corus then thought of having additional discussion with CSN fulfilling the prerequisites and to wait and see if they actually send across an official letter of offer
• December 18, 2006 : Tata Steel raised their price to 500 p for one share. Immediately following them, CSN sent across their official offer worth 515 p for one share
• January 31, 2007 : Goes into auction, Tata Steel raises offer and agreed to offer Corus investors 608 pence per share in cash. Britain’s Takeover Panel announced this in an e-mailed statement
• April 2, 2007 : Tata Steel eventually wins the acquisition, over CSN. Tata also gets full voting support form Corus’ shareholders

There are many who believe that the Tatas realized that they were paying more, but because the new had generated so much Euphoria in India, it soon become a prestige issue for them.

Post-Acquisition Tata Steel

To smoothen integration, post the merger, Tata Steel formed a core team to handle the integration, it was a seven-member team. Ratan Tata, chairman of the Tata group, headed the committee, the committee had three members from Tata Steel and three were from Corus.
• Tata group was represented by managing director B Muthuraman, deputy managing director (steel) T Mukherjee, and chief financial officer Kaushik Chatterjee.
• The Corus group was represented by CEO Phillipe Varin, executive director (finance) David Lloyd, and division director (strip products) Rauke Henstra.

Ratan Tata was always optimistic about the acquisition and felt that the merger was the first step in showing that Indian industry can assert itself as a global player.

• Most experts felt that the acquisition by Tata was not cheap for Tata, which was also reflected in the share price. The price Tatas paid for the deal represented a high 49% premium over the closing mid-market share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share price over the twelve month period, which was way too high.
• The deal was paid for in cash which made the deal even more expensive. It meant a cash outflow from Tata Steel in the amount of £1.84 billion.
• About over 67% of the value of the deal was paid for by Tatas through means of loan financing, issued by some of the big banks. Only $4 billion of the Corus purchase was financed from internal company resources
• Tata steel was four times smaller size and smaller capacity that Corus, but Tata Steel’s operating profit for 2006 was $840 million on sales of 5.3 million tones, very close to that generated by Corus ($860 million in profits on sales of 18.6 million tons). That is why Tata Steel’s share fell by 10.7 percent on the Bombay stock market, after the acquisition was officially announced,
• Post the acquisition, Tata’s new debt became $8 billion, which was financed with Corus’ cash flows, and was expected to generate up to $640 million in annual interest charges (8% annual interest cost). This amount combined with Corus’ existing interest debt charges of $400 million on an annual basis means that the new combined entity’s interest obligation was approximately around $725 million after the acquisition.

Even though the Corus acquisition provided the Tatas with a means to enter the UK steel sector, their timing and pricing was not correct. Many felt that Tata Steel paid a lot more for acquiring Corus, and some experts felt that it was not even a right fit. Unfortunately for Tata’s, their acquisition of Corus happened at the peak of the boom which eventually led to the Global Financial Crisis (in 2008), from which the world economy never came out, thus hampering Tata’s chances of reviving the business.

Over time, it became visible that that the acquisition really didn’t benefit Tata as it had anticipated, and the deal is now considered as one of the failures when it came to M&As.

Its believed that the Tata group did learn from the failed acquisition because another of its acquisition – Tata Motors’ buyout of Jaguar Land Rover (JLR) of the UK surprisingly turned out to be successful.

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