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This is an archive article published on November 25, 2006
CSN, associates get 15 stake in Corus
In a development that could change the dimension of the battle for acquisition of Corus, Brazil8217;s CSN, which has rivaled Tata Steel8217;s bid, along with its associates has picked up over 15 per cent stake in the Anglo-Dutch firm while the Indian conglomerate has none.
In a development that could change the dimension of the battle for acquisition of Corus, Brazil8217;s CSN, which has rivaled Tata Steel8217;s bid, along with its associates has picked up over 15 per cent stake in the Anglo-Dutch firm while the Indian conglomerate has none.
Even before making a formal bid, for which it has undertaken due diligence, CSN and its banking advisers have shored up their hold over Corus, with UBS AG and Goldman Sachs Group Inc acquiring 11.36 per cent stake in addition to 3.8 per cent held by the Brazilian firm. Banking sources said Tata steel has decided to 8220;match8221; the bid of CSN, which is expected ahead of the December 4 extraordinary general meeting of Corus shareholders.
But Tata Steel said in a statement that it has has not taken any decision in the manner speculated in the media about raising its offer for Corus at its Board meeting held yesterday. Meanwhile, Corus announced that it will list 46.8 million additional equity shares for trading on LSE, but analysts said it would not have any implication on the proposed takeover move as bidder Tata has already factored this in during the due diligence exercise.
The Brazilian company made a preliminary offer of 475 pence a share for Corus, but is now in the process of studying the books of the Anglo-Dutch steel company. CSN on November 11 offered 8.3 billion for Europe8217;s second largest steel maker, against Tata8217;s 8.1 billion made in October.
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