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VARIOUS SCENARIOS EMERGE FOR TATA STEEL (Merrill Lynch estimates the fair value for Corus at 414-517 pence a share).

India Business Insight

| November 30, 2006 | COPYRIGHT 2001 Silverline Information Systems Pvt. Ltd. (Hide copyright information)Copyright

(From India Business Insight)

Merrill Lynch has estimated the fair value for Tata Steel's proposed acquisition of Corus at 414-517 pence a share and that even at 517 pence a share the deal will not affect Tata Steel's earnings in 2007-2008. At 517 pence a share, Tata Steel will also be able to deal with the CSN counteroffer of 475 pence a share for …

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