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UK Takeover Panel mulls auction for Corus

By BS Reporters in Mumbai/Kolkata
December 19, 2006 03:35 IST
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In a rare development, the UK Takeover Panel is putting the Corus deal on the fast track by planning to auction Anglo-Dutch steel company Corus to the two rival suitors, Tata Steel and Brazil's Companhia Siderurgica Nacional.

A source familiar with the takeover battle said the panel, which was the monitoring authority on mergers and acquisitions in the UK, might consult Corus, Tata Steel and CSN to decide on an auction date to avoid a drawn-out battle.

The panel may also decide on a sealed process where bidders' offers are final, or a standard auction held over a period of days.

When contacted, the Corus spokesperson said all parties were continuing their dialogue with the takeover panel. A CSN spokesperson said the company would not comment in advance of the takeover panel making an announcement. The Tata Steel spokesperson offered no comments on the issue.

Meanwhile, the Corus share price today fell on reports of Tata SteelĀ  backing out of the race. The Corus stock was trading at 528 pence, 0.56 per cent lower than previous close.
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BS Reporters in Mumbai/Kolkata
Source: source

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