India’s Tata conglomerate today looked to be in pole position to complete the £1bn (€1.4bn) acquisition of Ford’s Jaguar and Land Rover car marques.

The biggest steel maker in Russia was today said to have dropped its interest in British-Dutch steel group Corus following last week's bid by Indian firm Tata Steel.

Thousands of UK steel workers were seeking assurances over their jobs tonight after the Corus group agreed to a £4.3bn (€6.42bn) takeover by Indian rival Tata Steel.

British steel maker Corus agreed to a £4.3bn (€6.4) takeover by Indian rival Tata Steel today – ending the UK company’s year-long search for a partner.

A bumper $6.5bn finance package was today reported to have been put together by India’s Tata Steel as it considers a move for Corus.