New Delhi: The executive panel of Corus has ruled that the last date for Tata and Companhia Siderurgica Nacional (CSN) to announce revised offers for Corus shall be 30 January 2007.
Citing relevant rules, the Panel said in an announcement on London Stock Exchange if a competitive situation continues to exist till shortly before January 30, an auction procedure would be implemented.
If a competitive situation continues to exist shortly before that date, then auction rules will be followed to determine the winner.
The authorities swung into action after a near two-month long saga for Corus, for which Tatas made a revised bid of $9.1 billion that was countered by CSN, which announced an agreed $9.6 billion bid for Corus, worth 515 pence per share last week.
While CSN had made its information document on the counter offer public last Friday by submitting it to Corus shareholders, Tatas had availed of the 46 days period for technical evaluation of rival's bid and taking a decision.
Corus reiterated in a separate statement on Tuesday that it planned to adjourn an extraordinary general meeting scheduled for Wednesday.
A takeover of Corus by either CSN or Tata Steel would create the world's fifth-biggest steelmaker, with annual production of around 24 million tonnes of steel.
At present Arcelor Mittal is the world's biggest steelmaker, which was formed after Mittal Steel bought Luxembourg-based Arcelor earlier this year.
Comments
0 comment