• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

CSN to get time till Dec 20 for submitting formal offer

Mumbai , Nov. 27

The race for Corus has gone into extra time. Anglo-Dutch steel producer Corus plans to postpone its December 4 shareholders meet for considering Tata Steel's bid of 455 pence a share by a fortnight.

The Corus move is aimed at giving "additional time" to the Brazilian steel maker CSN, to come forward with a formal bid.

On November 17, CSN had approached Corus with a 475 pence-a-share offer to acquire the London-based steel company, trumping Tata Steel's offer, by 20 cents per share.

"The Board of Corus has decided it is in the best interests of Corus shareholders to allow CSN some additional time to satisfy its pre-conditions and to determine whether it will put forward a formal offer," Corus said in a statement on Monday.

Corus intends to place the resolutions to shareholders at its EGM and the Court Meeting convened for December 4 for adjournment till December 20.

While CSN officials were reported in the British media to have welcomed the Corus move as "prudent", Tata Steel officials stuck to their `no comment' stand.

From Tata's perspective, the development indicated that CSN was not yet ready with a formal bid or a financial strategy. CSN's bankers have, meanwhile, garnered some Corus stake from the market, with the Brazilian company believed to be having built a 20 per cent stake along with its bankers and financial advisors.

Related Stories:
Tata-Corus: Debating the options
Tata-Corus: Three options before the European Commission
`Corus shareholders can sit back and wait to see what happens'

More Stories on : Steel | Mergers & Acquisitions | Tata Steel Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Hit-or-miss showers continue in TN, Kerala

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line