Simplify the following text for a Grade 11 native English-speaking person.
Original: After many years of planning , Ravenscraig will be rebuilt by three equal companies : Wilson Bowden Developments Ltd , Scottish Enterprise and Corus and will be one of the largest regenerations in Europe , with 400 acres being developed .
Simplified: After many years of planning , Ravenscraig will be ` regenerated ' and rebuilt by three equal shareholders : Wilson Bowden Developments Ltd , Scottish Enterprise and Corus . The project will be one of the largest regenerations in Europe , with 400 a being developed .