The board of directors of Anglo-Dutch steelmaker Corus has accepted a $7.6 billion takeover bid from Tata Steel.
The deal is the largest Indian takeover of a foreign company and will create the world's fifth-largest steel group.
In 2005, Tata Steel was only the world's 56th biggest steel producer and its takeover of Corus represents its first expansion outside Asia.
Tata Group chairman Ratan Tata has consent that it has agreed to acquire the European steel company at 455 pence per share, putting the enterprise value of Corus at about $10 billion.
