Tata Steel, CSN to start open bidding for Corus on Tuesday
27 Jan 2007
Tata Steel and its Brazilian rival CSN will commence open bidding for the acquisition of the Anglo-Dutch steel firm Corus from Monday.
According to the option process decided by UK takeover panel, the two companies will bid for up to a total of nine rounds, which could last three days. In case no winner emerges in the eighth round a final ninth round would be conducted for the acquisition of Corus.
According to the takeover panel there has to be a difference of at least five pence for each round of the bid between the two bidders.
The
takeover panel moved in to action in December after the
Tatas' revised bid of 500 pence per share for Corus was
topped by CSN's 515 pence bid.
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