UK panel close to decision on Corus battle

The regulator, over the past few days, has been holding discussions with Corus as well as its suitors 8212; Tata Steel and Brazil8217;s CSN 8212; who have made their submissions. The Times report said Tata is in talks with its banks on financing for the bid but wants to hold back any announcement until January 30 to make it harder for CSN to come back with a raised bid of its own.

A revised offer from Tata Steel is of significance as the regulator has conveyed to the suitors that it would start the auction only if Tata Steel was keen on raising its bid. CSN has already tabled a higher offer of 515 pence a share.

But a consensus on the mechanism to resolve the competitive situation has been elusive with both the suitors expressing themselves against certain terms mooted by the UK Takeover Panel, sources close to the development said.

The bidders are apparently uneasy with certain terms of the process, such as a sealed bidding and a prescribed gap between the two bids in case of an open auction. In December, the Panel had set a January 30 deadline for revised bids and said an auction could be started 8220;shortly before8221; this date if the competition continues. While a CSN spokesperson declined to comment, officials of Tata and the Takeover Panel were not available.

Hutchison board meet Hong Kong

The board of Hutchison Telecom International Ltd, whose 67 per cent stake in Indian mobile operator Hutch-Essar is being eyed by Vodafone and Reliance Communications among others, is likely to meet on Monday. Sources close to the development said that the board would meet on January 29, but it was not clear whether it would take a call on the sale of HTIL8217;s stake in the Indian mobile venture. When contacted, a spokesperson for HTIL8217;s parent company Hutchison Whampoa Ltd, Jeremy Lau declined to comment on 8220;board matters.8221;