Anglo-Dutch steelmaker Corus Group PLC agreed Friday to an $8 billion takeover offer from India's Tata Steel.

Anglo-Dutch steelmaker Corus Group PLC agreed Friday to an $8 billion takeover offer from India's Tata Steel. Tata, currently ranked as the world's 56th-largest steelmaker, bid $8.51 per share for Corus, which ranks as the world's eighth-largest steelmaker. A combined Tata-Corus would produce 25 million tons of steel annually, making it the fifth- or sixth-largest steel producer.

According to Philippe Varin, chief executive of Corus, there are no short-term plans for major job cuts or relocation of any of Corus' plants. According to Tata Steel's managing director, the two companies will run as parallel entities until they are integrated over the next year. In addition, Tata Steel said it will inject $235.7 million into Corus' pension fund.