Posted on 12/11/2006 8:35:50 PM PST by Gengis Khan
London: It’s a neck-and-neck battle between Indian steel giant Tata and its Brazilian counterpart and steel conglomerate CSN as both have run into stiff competition over bidding for acquisition of Corus. Right after Tata Steel revised its bid of 500 pence a share for Corus, Brazilian steel firm CSN offered a counter price of 515 pence per share for acquiring Corus, higher than what Tata Steel had offered in its revised bid on Monday. A delighted Corus Chairman Jim Leng said, "The combination of the two businesses will create a strong platform from which to compete and grow and consistent with our strategic objective". CSN group already owns 3.8 per cent stake in Corus and the new offer it has made is subject to Corus shareholders rejecting Tata steel's bid. The Corus board had earlier recommended that Tata's revised bid be accepted. However, the same Board now has forwarded the counter offer from Tata’s rival bidder CSN that of 515 pence per share. Noting the CSN’s offer, Tata informed the London Stock Exchange "Tata Steel is currently considering its position and will make further announcement in due course". The CSN offer is higher than the initial proposal made by it and as well as the revised Tata offer of 500 pence per share, he said. Tata’s counter offer valued Corus at $9.1 billion.
(Excerpt) Read more at ibnlive.com ...
Bodacious!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.