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CSN
acquires 13.16 mn shares of Corus
Brazilian company CSN acquired 13.16 million shares of
Corus Group Plc on November 17, Friday, through 18 transactions
at prices ranging between 471 pence and 475 pence. The
same day the company had approached the Anglo-Dutch group
with a takeover offer at 475 pence per share. The share
acquisition has hiked the shareholding of CSN in Corus
Group Plc to 3.79 per cent and the Brazilian company now
owns 34.07 million shares of Corus.
The
Corus management had earlier supported a bid by the Tatas
and had recommended the same to its shareholders. The
shareholders are supposed to meet for an extra-ordinary
general meeting (EGM) on December 4, 2006.
Meanwhile,
there were indications Russian steel group Severstal may
make a bid for Corus also. The company has appointed Chris
Clark, the current chairman of Associated British Ports
Holdings, to the Severstal board as non-executive chairman
of the company.
The
move is being seen as an attempt by the Russian company
to gain better acceptance with financiers and the investing
community in the United Kingdom and Europe in preparation
for a bid for the Corus Group.
Corus
Group shares closed at 495.50 pence on Monday at the London
Stock Exchange, after touching a high of 501.99 pence
during the day's trade.
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Yahoo
strikes technology deal with newspapers
New York: Yahoo Inc has entered into a deal with the
publishers of 176 U.S. newspapers to let them use its
technology to sell help-wanted advertising and a variety
of local information services.
Yahoo is attempting to increase its reach into local markets
as it competes with rivals like Google Inc. for advertising
revenue.
The
publishers include Belo Corp., Cox Newspapers Inc., Hearst
Newspapers, Journal Register Co., Lee Enterprises Inc.,
MediaNews Group and E.W. Scripps Co. Their newspapers
circulate in 38 U.S. states, and include major metropolitan
dailies such as the San Francisco Chronicle, the Dallas
Morning News and the Los Angeles Daily News.
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