Corus defers AGM to discuss Tatas' offer to Dec 20
Anglo-Dutch steelmaker Corus on Tuesday deferred its extraordinary general meeting of shareholders to discuss the Tata Steel’s over $8-billion takeover bid to December 20.
By PTI |
LONDON: Anglo-Dutch steelmaker Corus on Tuesday deferred its extraordinary general meeting of shareholders to discuss the Tata Steel’s over $8-billion takeover bid to December 20.
This was done to allow Brazilian steelmaker CSN, which had made a counter bid for Corus, some more time to meet certain conditions ahead of a formal offer.
On November 17, Brazil’s steel major CSN had made an initial proposal to acquire the UK steelmaker at 475 pence per share in cash against the Tatas’ offer of 455 pence a share.
Meanwhile, CSN on Tuesday said the due diligence process for Corus was “proceeding satisfactorily” and a formal offer will be made shortly. “The process (due diligence) is proceeding satisfactorily,” a CSN spokesperson said.
On whether talks with pensions trustees of Corus had been completed, he it was still on. “This also applies to financing,” he added.
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