How Hardy and Steinbeck treat the theme of outsiders in The Withered Arm and Of Mice and Men Essay Example for Free

How Hardy and Steinbeck treat the theme of outsiders in The Withered Arm and Of Mice and Men Essay Hardy and Steinbeck both use the theme of outsiders strongly in their stories. The term outsider means one who is not a member of a profession, party or circle or one not acquainted with or interested in something that is going on. A person can be an outsider for many different reasons for example loneliness, disability, gender, race, age, size and action. Steinbecks short story Of Mice and Men was set on a ranch in California during the American Depression in the late 1930s. The story is about two men Lennie and George. Lennie is mentally disabled so George looks after him. When Lennie and George first meet the bosss son Curley he immediately feels threatened by Lennies size. Lennie and George go and work on the ranch because they want to save up their money so they can buy a ranch of their own. As the story progresses 2 other characters, Candy and Crooks, become interested in their idea and ask if they can help out. Lennie is given a puppy by Slim (another worker on the ranch). One time Lennie is petting it and does not know his own strength and kills it. Curleys wife comes in and asks what is wrong he tells her what happened and that it only happened because he likes stroking things. She lets him stroke her hair because she thinks it is soft. Lennie gets carried away and wont let go. Curleys wife struggles so much that he breaks her neck. Lennie becomes so frightened that he runs away and just leaves the body. Curley sees his wife and says he is going to give Lennie a horrible death. George hears Curley and decides to kill Lennie himself quickly and painlessly. George finds Lennie and starts to talk about their dream ranch, he raises the gun and shoots Lennie in the back when he is not looking. Hardys novella The Withered Arm was set in England in the 1800s. It is about a woman named Rhoda who has a son with the owner of the dairy farm at which she works. But now the farmer does not want to know her and is married to a younger prettier woman. Rhoda wanted to know what the new wife looked like so she sent her son to go and see. The son came back and told Rhoda what she was like. Rhoda had a dream, she dreamt that Farmer Lodges new wife was sitting on her and she thrust her left arm with her wedding ring on into Rhodas face. Rhoda grabbed her arm and threw her to the floor. The next day the farmers new wife visited Rhoda and revealed to Rhoda some marks on her left arm. A few weeks later Gertrude (Farmer Lodges wife) came back to see Rhoda and showed her that the marks on her arm were getting worse. Months later Gertrude goes to see a conjuror who makes an egg mixture which shows Rhodas face and says that to cure her arm Gertrude must touch the neck of a man who has been hung before he goes cold. Rhoda and her son leave and were never seen leaving. Gertrude found out when the next hanging was taking place and she then travelled to the jail. After the hanging she was shown where the body was. As she touched the body somebody behind her screamed. Gertrude turned around and saw Rhoda and Farmer Lodge standing there. The dead boy was Rhodas son. A few days later Gertrude passed away with shock. There are four main outsiders in Of Mice and Men and also in The Withered Arm. The outsiders in Of Mice and Men are Crooks, Candy, Lennie and Curleys wife and in The Withered Arm they are Rhoda, Gertrude, Farmer Lodge and Rhodas son. Crooks is an outsider in Of Mice and Men because he is black and everybody else on the ranch is white so he is branded as different. A moment in the story where Crooks loneliness is shown is when Lennie comes into his room: You go on get outa my room. I aint wanted in the bunkhouse and you aint wanted in my room This shows that Crooks is not allowed to go in their rooms invading their private space so he does not want them coming in his room doing that, if he is not allowed to do it. An outsider in The Withered Arm Rhoda. She is and outsider because she has a son with Farmer Lodge and does not talk to any of the other workers at the dairy farm, so they think she is stuck-up: as the milkmaid spoke she turned her face so that she could glance past her cows tail to the other side of the barton, where a thin fading woman of thirty milked somewhat apart from the rest. This is a part in the story where Rhoda is at work at the dairy farm and all the other workers are talking about Farmer Lodges new wife. Rhoda does not join in the conversation for obvious reasons, but as they talk the workers look over at her. Candy is another outsider in Of Mice and Men. He is an outsider because he is older than any of the other workers. A part in the story where Candys loneliness is visible is when his dog is taken from him and shot by some of the other workers because they are sick of the smell of it: Candy did not answer. The silence fell on the room againCandy lay still staring at the ceiling Candy did not want his dog to be killed because it was his friend, but when it is killed he feels lonely as if he has got no one left. Farmer Lodge is also an outsider in The Withered Arm. He is an outsider because he is older than any of the other workers and he is rich, which everybody else is not. When he marries his new wife Gertrude they see him as being lonely because he has married a younger woman. Curleys wife is an outsider because in Of Mice and Men she has just married Curley and moved to the ranch, which his dad owns. All the other workers think she must be lonely because she is always seen wandering around the ranch, she is never seen with Curley. Similarly Gertrude is an outsider in The Withered Arm because she has just married Farmer Lodge and moved to his home. When she comes home with Farmer Lodge everybody is talking about her Who is she? and What does she look like? so this must make her fell as though people are talking at her behind her back. In Of Mice and Men Lennie is an outsider because he has a mental disability and is looked after by George. He is also does not know his own strength and hurts Curley, this incident makes him feel more vulnerable to the other workers: Lennie smiled with his bruised mouth. I didnt want no trouble, he said. He walked toward the door In the same way Rhodas son is an outsider in The Withered Arm because he is dominated by his mother and at the end when he is hung, he is wrongly accused of something because of injustice: a young fellow deserved to be let off, this on does; only just turned eighteen, and only present by chance when the rick was fired This is the part in the story when Gertrude goes to see if there is any hangings happening the next day and is told about one, which is Rhodas son. The man who is telling her says he is innocent. Dreams are featured a lot in both stories. Lennie, George and Candy have a dream in Of Mice and Men to own their own ranch: Well have a big vegetable patch and a rabbit-hutch and chickens. Lennie and George at first are going to buy the ranch by themselves but then Lennie accidentally tells Candy, so George lets him help them. Curleys wife also has a dream to become an actress and be respected. In The Withered Arm Rhoda has a dream about Gertrude sitting on her with the wedding ring on: the young wife, in the pale silk dress and white bonnetthe figure thrust forward its left hand mockingly, so as to make the wedding ring it wore glitter in Rhodas eyesswung out her right hand seized the confronting spectre by its obtrusive left arm, and whirled it backward to the floor However in this story the dream comes true because Gertrude visits Rhoda and shows her the marks on her arm. In Of Mice and Men the style is mainly conversational, we learn about events through dialogue. Through language we can tell that the boss is aloof to the workers. The language is like a childs when Lennie is moving; he is described like an animal. This story is known as a novella. It deals with poor and working class people. In The Withered Arm the style is also conversational, we learn about Rhoda at the beginning through conversation. It is third person narrative and in the past tense. This story is known as a short story. Through language we can also tell that the boss is aloof to the workers. This story also deals with poor and working class people. The settings are very similar, as they are both set on a farm in remote areas of the countries in which they are set. The Withered Arm is set on a dairy farm in England but Of Mice and Men is set on a ranch in California.

Cuban Race Relations Essay -- Spanish Cuba Cuban Racial Essays

Cuban Race Relations I. Introduction- Retracing a History of Racial Scorn in Cuban Society: The study of race relations in contemporary Cuba indelibly requires an understanding of the dynamic history of race relations in this ethnically pervasive island of the Caribbean. Cuban society, due to its historical antecedents of European colonialism and American imperialism, has traditionally experienced anguished and even tumultuous race relations. Racial disharmony has plagued Cuban society ever since the advent of the Colonial institution of the plantation system. Thus, in order to acquire some understanding of Cuba’s dynamic race relations one must study and investigate the evolution of racial tensions and the quintessential impact that the revolution of 1959 had on Cuba’s social structure. II. The Impact of Spanish Colonialism in Cuba: Legitimizing Racial Schism- The specter of colonial repression, imposed by the institutions of slavery and the plantation system, has incessantly haunted Cuban society, culture, politics, and ideology. The legacies of slavery and the plantation system imposed a structural and systematic practice of racial discrimination against Afro-Cubans, which suppressed any ambition for the pursuit of liberty and equality. Despite Cuba’s abolition of slavery in 1886 and its winning of independence in 1902, Afro-Cubans remained destitute, marginalized, and in the periphery of political autonomy within Cuban society. Thus, the origins of Cuba’s disdainful race relations emerge during the Spanish colonial tenure in Cuba. The era of Spanish colonial rule in Cuba can be characterized by many institutions, such as slavery and the plantation system, which presupposed a notion of ra... ...n and Mesa-Lago, Carmelo. Revolutionary Change in Cuba. Ed. Carmelo Mesa-Lago. (University of Pittsburgh Press: New York.1971), 347. 11. .de la Fuente, Alejandro. "Race, National Discourse, and Politics in Cuba." (Latin American Perspectives v25 (1998) : p. 43-70.), 55. 12. .Amaro, Nelson and Mesa-Lago, Carmelo. Revolutionary Change in Cuba. Ed. Carmelo Mesa-Lago. (University of Pittsburgh Press: New York.1971), 348. 13. .de la Fuente, Alejandro. "Race, National Discourse, and Politics in Cuba." (Latin American Perspectives v25 (1998) : p. 43-70.), 55. 14. .Ibid 15. .Ibid 16. .Ibid 17. .Knight, Franklin. The Caribbean: the Genesis of a Fragmented Nationalism. (Oxford University Press: New York. 1990), 307. 18. .Information taken from the "Afro Cuba Web Page:" http://www.afrocubaweb.com/afrocVoice.htm Cuban Race Relations Essay -- Spanish Cuba Cuban Racial Essays Cuban Race Relations I. Introduction- Retracing a History of Racial Scorn in Cuban Society: The study of race relations in contemporary Cuba indelibly requires an understanding of the dynamic history of race relations in this ethnically pervasive island of the Caribbean. Cuban society, due to its historical antecedents of European colonialism and American imperialism, has traditionally experienced anguished and even tumultuous race relations. Racial disharmony has plagued Cuban society ever since the advent of the Colonial institution of the plantation system. Thus, in order to acquire some understanding of Cuba’s dynamic race relations one must study and investigate the evolution of racial tensions and the quintessential impact that the revolution of 1959 had on Cuba’s social structure. II. The Impact of Spanish Colonialism in Cuba: Legitimizing Racial Schism- The specter of colonial repression, imposed by the institutions of slavery and the plantation system, has incessantly haunted Cuban society, culture, politics, and ideology. The legacies of slavery and the plantation system imposed a structural and systematic practice of racial discrimination against Afro-Cubans, which suppressed any ambition for the pursuit of liberty and equality. Despite Cuba’s abolition of slavery in 1886 and its winning of independence in 1902, Afro-Cubans remained destitute, marginalized, and in the periphery of political autonomy within Cuban society. Thus, the origins of Cuba’s disdainful race relations emerge during the Spanish colonial tenure in Cuba. The era of Spanish colonial rule in Cuba can be characterized by many institutions, such as slavery and the plantation system, which presupposed a notion of ra... ...n and Mesa-Lago, Carmelo. Revolutionary Change in Cuba. Ed. Carmelo Mesa-Lago. (University of Pittsburgh Press: New York.1971), 347. 11. .de la Fuente, Alejandro. "Race, National Discourse, and Politics in Cuba." (Latin American Perspectives v25 (1998) : p. 43-70.), 55. 12. .Amaro, Nelson and Mesa-Lago, Carmelo. Revolutionary Change in Cuba. Ed. Carmelo Mesa-Lago. (University of Pittsburgh Press: New York.1971), 348. 13. .de la Fuente, Alejandro. "Race, National Discourse, and Politics in Cuba." (Latin American Perspectives v25 (1998) : p. 43-70.), 55. 14. .Ibid 15. .Ibid 16. .Ibid 17. .Knight, Franklin. The Caribbean: the Genesis of a Fragmented Nationalism. (Oxford University Press: New York. 1990), 307. 18. .Information taken from the "Afro Cuba Web Page:" http://www.afrocubaweb.com/afrocVoice.htm

Is Rock Music To Blame For Violence?

Another day and a new crime committed by pupils in an American High School involving firearms. No longer does this event shock society, but instead it is seen as a problem that needs to be solved. The public can only guess what it is leading teens into carrying out such unthinkable actions at their age. What is it in their youth culture that is causing them to turn into murderers? One thought is that perhaps the rock music of today and its often violent and disturbing lyrics and videos may be partially to blame, but can this argument be justified? Is it the music steering people to violence or do vulnerable minds just turn to dark music as they associate with the often-sinister lyrics and the repulsive images portrayed? Music has many well-known benefits; most are associated with helping to control emotion. It is at the heart of most social gatherings and there is a song or tune for every mood. By learning to play music it has been proved that better academic potential and skills can be achieved. Because of music providing entertainment, there are many social benefits that come from liking a particular genre as friends can be found with a common interest, the music. Rock music is a very strong and passionate form of music that tends to draw mainly those in early to mid teens yet unlike many other genres it seems to be able to hold on to its followers throughout the fans' lifetimes. What is it that draws in so many youngsters? Why do they feel the need to get involved in what is seen to be a dark world of outrageous behaviour? It is a simple answer; they feel the need to associate with the others feeling the same strain as they do as they struggle to gain freedom and identity in a confusing world. The lyrics are real and don't hide from the bad parts of life, the passion is so strong people know that the performers have felt what they're singing about. It is a world about being you and being able to escape from growing pressures. Emotionally adolescence is very tough indeed and many fans feel rock music helps them to cope with the feelings rather than it causing them to become yet more incontrollable. â€Å"It gives me more of a relief of tension than actually making me angry† Alisha (19) – Dum Dums Message Bored â€Å"If I need to chill or have a little cry the music helps† Kate (18) – Dum Dums Message Bored â€Å"It helps because you know other people have had the same experiences as you – you are not alone† Ivy Brandybuck – Dum Dums Message Bored Yet there is a thought that the music could be twisting the young's minds and turning them to unmoral behaviour especially as rock music has always had its roots in shadowy circumstances. It is thought many of the images portrayed in the early days of psychedelic rock come from hallucinations caused by drugs such as LSD. The lyrics became confused and dream-like. The progression from this was to music associated with Satanism and the rock world portrayed this as a move against religions, particularly Christianity and today we have artist such as Marilyn Manson who are publicly Anti-Christ (â€Å"Hopefully I'll be remembered as the person who brought an end to Christianity† – Manson August 1996) and members of the church of Satanism. Such changes in the style of music gave artists a more individual rebel image that is often idolised by the young as they fight society to gain freedom and search for their own identity. It is also thought the rise in interest in this brand of music may be down to an overall rise in society of interest around fantasy, black magic and surrealism as the gothic image became popular in the late 70s and since then the obsession with the ‘darker side' and Satan has grown causing production of music that is pushing the teachings of the devil: â€Å"We all praise the devil He is so fine We all praise the devil Till the day we'll die!† Sad Iron The appearance rock music has been given begins with the appearance given out by the performers themselves. Covered in dark and sinister make-up and dressed in Halloween type outfits, just by looking at rock stars you can see where the concern is coming from. Notorious for wrecking hotel rooms as well as abusing alcohol and recreational drugs and often having criminal records or accusations behind them. They stand out as individuals, what youngsters in their early teens want to be like. They idolise this life wishing they could lead the lives of the stars they follow, like the majority of their peers. It isn't unnatural for them to want to be like the performers but the appearance, attitudes and actions of the performers can be so extreme they become dangerous for a vulnerable adolescent to copy. â€Å"I don't think it's the music itself the affects the way people act but the attitudes of the people who sing them. They should be careful about what they do and say because there's always some people who will think what they're doing is fine and go ahead and do it themselves† ~dum girl~ – Dum Dums Message Bored The most worrying rock genre is the most hardcore type that seems to many to be pushing the use of drugs and violence, particularly against women. It is this aspect of rock that is the most controversial with many opponents who fear it is damaging the minds of the young. Lyrics constantly refer to abuse against women; sexual violence, self-harming and drug abuse and contain a large amount of blasphemous or offensive language. The following is a classic example of violence and sexual abuse being expressed in a song: â€Å"I am a big man (yes I am) and I have a big gun, got me big old dick and I like to have fun, held it against your forehead, I'll make you suck it, maybe I'll put a hole in your head; you know, just for the f**k of it†¦. i'm every inch of a man, and I'll show you somehow; me and my f**king gun; nothing can stop me; shoot shoot shoot†¦.† Nine Inch Nails – Big Man with a gun It is not always clear what the lyrics are but now with the age of the music videos the scenes can be acted out so the public has constant access to the true horror the musicians are trying to portray through the lyrics and music itself. It is angry music written about anger and intended to alert minds. The dramatic images of sick actions are there to draw in the audience, to bring them into a disturbed world of mental torture. By glorifying these images and ideas it is thought the performers are encouraging violence in society, particularly in the young as they struggle to be noticed. The most worrying thought is that maybe these images are causing people to accept such actions as part of life. The move away from Christianity so far that it causes anti-religion is also an area for concern. Religion gives society many of its morals and if people are seeing no faith in it then why should they follow its beliefs? Also it is seen as good to be going against the bibles teachings so the more the church condemns the rock world, the more likely the rock world is to fight back harder against it. The problem lies with Christian rock music as some extreme evangelists believe even the beats are from the devil but many Christians believe this is a crazy view: â€Å"these anti-rock people claimed that not only were the lyrics leading teenagers to damnation, but the beat of the music was evil itself as it came from tribes affiliated with Satan†¦This theory struck me as harder to swallow than subconscious messages we allegedly received from ‘secular' music† Taryn – Crafy Gal Stump What many people seem to not understand is that the images and lyrics are there to represent the state of society and where the performer sees it is heading, kind of like a warning to the world. The trouble with this is do we know if society is naturally going in that direction or if it's the music steering us that way. Rock music has always set out to cause controversy and portray the darker occult society. It could not survive if people did not feel associated with the statements it makes. Maybe youth is drawn into it simply out of rebellion against the society they grow up in or maybe they see rock as the only form of art that reflects how the world is changing or the real passion behind emotions they often feel. The ideas are new and fresh and give teens a sense of individuality. People who are angry at life and are naturally aggressive are more likely to turn to gaining an image that portrays that so fall straight into the rock world. The anger against religion is simply a fight back because many fans feel let down by the disappointment of not receiving a happy life but believing in a god. In the world there are many fans of all levels of rock and the proportion of these who turn to violence is not exceptionally high. Yes maybe the amount of violent young offenders who listen to hardcore rock may be high but perhaps this is because they have always been unnaturally fascinated by the world of the occult sinisterism and the music they listen to simply portrays this. The majority of fans know that what seems to be very evil anti-society behaviour is in fact just a go at all the critics and the critics themselves by apposing the rock world is simply making it more popular. There has always been a problem with rock music and its sinister side. It seems the violence portrayed was made worse by the introduction of videos where performers could add disturbing visualisations to their already violent lyrics. I do not however feel that these images alone can turn a mind to violent crime. In society we are all made fully aware of what is morally seen to be right and wrong and we cannot hide from that. Most followers of the hardcore rock genres are just like everyone else only they dress differently. All in all it depends on how a listener portrays what the performer is saying. Most realise they are not trying to convert everyone into criminals. In conclusion I feel that it is not the music and in particular rock music that is causing violence among the teens in America but I feel that the extreme hardcore rock may not be helping to solve the problem and its violent lyrics and videos may be putting ideas into the heads of the already disturbed. It is a free passion form of music and to most people it helps them cope with difficult emotions and helps them to understand pain by comforting them with reassurance they are not alone. As for the religious aspect, why should people be scorned at for not believing in a certain way? The world if free and there is no proof rock music is causing great harm so it, like the rest of society, should be free to be expressed.

Acquisition in steel sector - Free Essay Example

Sample details Pages: 7 Words: 2014 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? Introduction to the Case[1] Indian company, Tata Steel Limited acquired the Anglo-Dutch steel company, Corus Group for US$ 13.70 billion, on January 31, 2007, The Company than formed is called Tata-Corus. It has employed 84,000 people across 45 countries in the world. The merger has made Tata-Corus, the fifth largest steel producer in the world at that time. Don’t waste time! Our writers will create an original "Acquisition in steel sector" essay for you Create order It had the capacity to produce 27 million tons of steel per annum. This acquisition was the biggest overseas acquisition by an Indian company. Tata Steel emerged as the fifth largest steel producer in the world after the acquisition. The acquisition gave Tata Steel access to Corus strong distribution network in Europe. The acquisition was made with a view of using Corus expertise in making the grades of steel used in automobiles and in aerospace which could be used to boost Tata Steels supplies to the Indian automobile market. Corus in turn was expected to benefit from Tata Steels expertise in low cost manufacturing of steel. However, some financial experts claimed that the price paid by Tata Steel (608 pence per share of Corus) for the acquisition was too high. Another player was also there for the acquisition of Corus. It was Brazilian steelmaker, Companhia Siderurgica Nacional. But Tata Steel outbid the Companhia Siderurgica Nacionals (CSN) final offer of 603 pence per share by offering 608 pence per share to acquire Corus. The first offer of Tata Steel was to pay 455 pence per share of Corus, to close the deal at US$ 7.6 billion. CSN then offered 475 pence per share of Corus. After nine rounds of bidding, Tata Steel could finally clinch the deal with its final bid 608 pence per share through an auction which was initiated on January 31, 2007. Most of the analysts and industry experts felt that the acquisition deal was rather expensive for Tata Steel and this move would overvalue the steel industry world over. The cost advantage of operating from India can be leveraged in Western markets, and differentiation based on better technology from Corus can work in the Asian markets.† Type of Acquisition The acquisition of Corus by Tata Steel is a friendly Acquisition. A Friendly Acquisition is the one in which companies negotiate each other for takeover. It requires nine rounds of negotiations for Tata Steel to acquire Corus. It was a cash acquisition which involved some banks also. Perspective Advantages of the Acquisition for Tata Steel[2] Synergy The combination will yield a value which is more than that of the addition of the value of the two firms (TATA Steel and Corus) individually. Also there will be an increase in research and development capabilities in the automotive, packaging and construction sectors and there will be a transfer, from Europe to India, of technology, best practices and expertise of senior Corus management. Increase market share The combination will position the combined group as the fifth largest steel company in the world by production. Economies of scale As the labour is cheap in India, the combination of low cost upstream production in India with the high end downstream processing facilities of Corus will improve the competitiveness of the European operations of Corus. Global presence The combination will give Tata Steel a meaningful presence in both Europe and Asia. Tata Steel expects to lead the enlarged group with a combined management team. Manufacturing will be organized so as to produce slabs/ primary steel in low-cost facilities and produce high-end products in proximity to client base in both Europe and India. Tata Steel also believed that between the two companies, there exists a high degree of cultural compatibility, which would facilitate an effective integration of the businesses over time. The Synergies Some of the prominent synergies that could arise from the deal were as follows: Tata was one of the lowest cost steel producers in the world and had self sufficiency in raw material. Corus was fighting to keep its productions costs under control and was on the look out for sources of iron ore. Tata had a strong retail and distribution network in India and SE Asia. This would give the European manufacturer a in-road into the emerging Asian markets. Tata was a major supplier to the Indian auto industry and the demand for value added steel products was growing in this market. Hence there would be a powerful combination of high quality developed and low cost high growth markets There would be technology transfer and cross-fertilization of RD capabilities between the two companies that specialized in different areas of the value chain There was a strong culture fit between the two organizations both of which highly emphasized on continuous improvement and ethics. Perspective Advantage of the Acquisition for Corus[3] Corus decide to let the acquisition done Total debt of Corus is 1.6 bn GBP. Supply of raw material at lower cost is the priority of Corus. Corus was using facilities which were relatively old with high cost of production. The employee cost of Corus is 15% while that of Tata Steel is only 9%. The revenue of Corus of $18.06 bn, its profit was just $626 mn while that of $4.84 bn and profit 4 824 mn. Strategies taken by Tata Steel after acquisition of Corus[4] Divestments Tata has planned to sale Corus aluminium smelters in Germany and the Netherlands and to advance discussions on the sale of a majority stake in Teesside Cast Products, which would bring clarity to the future of the Teesside operations beyond the current offtake agreement. Efficiency and overhead review a company-wide efficiency improvement review, including a review of support functions such as IT, Finance and Human Resources, with a target to reduce costs in these areas by around 20%. Asset restructuring mothballing of the Llanwern hot strip mill; restructuring of engineering steels into two businesses a specialty steels business at Stocksbridge fed by electric furnace steel from Rotherham and a bar business at Rotherham with steel sourced from the integrated works at Scunthorpe; and streamlining of downstream facilities in Distribution, Building Systems and Tubes. Price offered to pay[5] The acquisition of Corus by Tata was a cash acquisition. Because of lack of agreement, an auction process was carried on January 31, 2007 for the acquisition. Tata Steel announced the proposed acquisition of Corus Group at 608p per share, that being 5p more than CSNs top offer of 603p. The final valuation of Corus was thus put at $12.04 Billion. By the first week of April 2007, the final draft of the financing structure of the acquisition was worked out and was presented to the Corus Pension Trusties and the Works Council by the senior management of Tata Steel. The enterprise value of Corus including debt and other costs was estimated at US$ 13.7 billion. Final seal structure $3.5-3.8bn infusion from Tata Steel ($2bn as its equity contribution, $1.5-1.8bn through a bridge loan) $5.6bn through a LBO ($3.05bn through senior term loan, $2.6bn through high yield loan) Merchant Bankers Role in the case TATA- CORUS Deal $12 billion Equity Contribution from Tata Steel- $3.88 billion Credit Suisse leaded, joined by Deutsche Bank[6] (Deutsche Bank AG is authorized under German Banking Law and with respect to UK commodity derivatives business by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business) and ABN AMRO (ABN AMRO Corporate Finance Limited, which is authorized and regulated by the Financial Services Authority, is acting for Tata Steel and Tata Steel UK in connection with the Revised Acquisition) in the consortium. When the revised rates are offered to Corus for its acquisition, the markets in India reacted immediately, leading Tata Steel shares dropping as much as three percent on the Bombay Stock Exchange (BSE) as investors feared the higher acquisition price may hurt the profitability of the acquired entity.[7] Merchant bankers dealing with the buy-out said while the financial commitment for 4.3 billion pounds was intact, the Tatas had ap proached Standard Chartered Bank and Standard Chartered First Bank of Korea for additional finances. â€Å"ABN Amro and Deutsche Bank, as joint financial advisers to Tata Steel and Tata Steel UK, are satisfied sufficient resources are available to satisfy in full the consideration payable to Corus shareholders,† the joint statement said. Of the $ 8.12 billion of financing Credit Suisse provided 45%. ABN AMRO and Deutsche provided 27.5% each. Post Acquisition Analysis With this acquisition, Tata Steel, with a crude steel making capacity of 28.1 million tones per annum, became the sixth largest steel company in the world, with a presence in several countries across continents. In the financial year 2007-08, Tata Steel had included Corus financials consolidated accounts for the first time. Consolidated net sales for FY 2007-08 stood at Rs 1,31,536 crore ($33 billion).The consolidated net profit was Rs 12,350 crore. On a stand alone basis, Tata Steels net sales grew 12% to Rs 19,693.28 crore against Rs 17,551.09 crore in FY 2007. Net profit for the year was Rs 4,687.03 crore against Rs 4,222.15 crore in FY 2007. The company, during the year, also completed its long-term financing programme for its Corus acquisition. Of the total enterprise value of $14.2 billion, the financing included around $10.5 billion as bridge funding, the balance applied out of Tata Steels own cash and borrowings. Strategic and Integration Committee[8] A Strategic and Integration Committee was formulated to develop and execute the integration and further growth plans. Appropriate cross functional teams were formed under this committee to look into specific issues. New Board formulation[9] A new board was formulated with representation from both the companies to provide a common platform for strategy and integration. Mr. R.N. Tata will be the Chairman of Tata Steel and Corus Mr. Jim Leng will be the deputy chairman of Tata Steel and Corus Mr. B Muthuraman, Mr. Ishaat Hussain and Mr. Arun Gandhi to join the Corus board. After the acquisition, the top management team of Corus was retained as Tata Steel believed that a high degree of cultural compatibility existed between the two companies. This was expected to facilitate an effective integration of business over a period of time Why Merger and Acquisition takes place? A merger and acquisition will make economic sense to the acquiring firm if its shareholders wealth is maximized. They create an economic advantage (EA) when the combined present value of the merged firms is greater than the sum of the individual present values as separate entities. Acquisition or merger involves costs. Suppose that firm P acquires firm Q. After acquisition P will gain the present value of Q, i.e Vq, but it also have to pay price to Q. Thus, the cost of merging to P is: Cash paid Vq. For P, the net economic advantage of merger (NEA) is positive if the economic advantage exceeds the cost of merging. The economic advantage, i.e., [Vpq (Vp + Vq)], represents the benefits resulting from operating efficiencies and synergy when two firms merge. If the acquiring firm pays cash equal to the value of the acquired firm, i.e. cash paid Vq = 0, then the entire economic advantage of merger will accrue to the shareholders of the acquired firm. In practice, the acquired a nd acquiring firm may share the economic advantage between themselves. Conclusion After analyzing the whole case at last we can say that Tata Steels acquisition of Corus was a fruitful case for Tata Steel, as it gives it an edge over its competitors. The presence of Tata in India (a low wage country) gives it an opportunity to produce low cost steel and the presence of Corus in England gives it the advantage to compete with other players in the market. Tata Steels balance sheet is also showing this thing. With Corus in its fold, Tata Steel can confidently target becoming one of the top-3 steel makers globally by 2015. The company would have an aggregate capacity of close to 56 million tones per annum, if all the planned Greenfield capacities go on stream by then. Also the management staff of Corus is found to be very effective. That too is very advantageous for Tata Steel. We can conclude that if the acquisitions well planned, Executed and the necessary precautions taken for the deal a company can achieve its strategic objectives and thus ensure its growth through Acquisition.