Tata Disputes Former Chairman's Charge That Company Paid Too Much for Corus
11/23/2016 - A month after Cyrus Mistry was ousted as chairman of Indian conglomerate Tata Group’s holding company, the war of words between Mistry and the company is continuing.
In the latest volley, Mistry contends that Tata overpaid for the former Corus, making it much more difficult to invest in the business. Tata acquired the Anglo-Dutch steelmaker in 2007.
The company fired back, saying that the Corus acquisition was part of a long-term strategy to grow through international expansion.
"The performance of Corus Plc post-acquisition validated the strategy till the black swan event of the global financial crisis structurally impacted the underlying demand conditions in Europe causing financial hardship to the entire industry," the company said.
The (India) Economic Times has more on the story here. The Business Standard newspaper also has coverage here.
The company fired back, saying that the Corus acquisition was part of a long-term strategy to grow through international expansion.
"The performance of Corus Plc post-acquisition validated the strategy till the black swan event of the global financial crisis structurally impacted the underlying demand conditions in Europe causing financial hardship to the entire industry," the company said.
The (India) Economic Times has more on the story here. The Business Standard newspaper also has coverage here.
