CSN confident of acquiring Corus through auction

LONDON: Ahead of open bidding for Corus Group, for which it is battling with Indian corporate giant Tatas, Brazil's CSN on Saturday exuded confidence saying it was determined to acquire the Anglo-Dutch steel maker.

"We are determined to acquire Corus. And given the synergies afforded to us by our ability to supply low cost ore to Corus, we enter the process with confidence," a spokesman of CSN told PTI. It was the Brazilian firm's counter offer of 515 pence to a revised bid of 500 pence by Tatas that prompted the UK Takeover Panel to step in.

Tata Group officials were, however, not available for comment on the Panel's announcement yesterday that an eight round bidding for Corus would start at 1630 hrs (2200 hrs IST) on January 30 and a ninth round held, if needed.

The process would wind up latest by February 1.

Of the maximum of nine rounds, eight rounds would be for the suitors to table a fixed price bid in cash. But in the event of the competitive situation continuing, a final round would be held to give chance to the offerors to outbid the other within a ceiling that has already been informed to the Panel.

The terms of the auction process requires a difference of at least five pence for each round of the bid between the two suitors.