Nov 23, 2006

Tata Steel board meets to discuss Corus strategy

Tata Steel's top brass today met here, presumably to discuss the strategy to be adopted for countering Brazilian steelmaker CSN's bid to acquire Anglo-Dutch firm Corus.
CSN had last week approached Corus with a 475 pence per share offer as against Tata's 455 pence per share and has also started the due diligence of Corus accounts.
Tata Steel officials remained tight-lipped about the board meeting, but market observers believe the company considered the option of raising its 8.1 billion dollars offer for Corus.

Tata has already completed the due diligence process and is understood to have readied the money for the takeover. The company, however, was awaiting a formal bid by CSN, investment banking sources said.

Corus shareholders are expected to consider Tata's offer at an extraordinary general meeting scheduled on December 4.

No comments: