CSN opens talks with Corus pension trustees

LONDON/KOLKATA: Companhia Siderurgica Nacional (CSN) on Tuesday started discussions with Pension Fund Trustees of its takeover target Corus, as more bankers evinced support for the Brazilian firm’s bid while original bidder Tata Steel remained tight-lipped on matching the counter offer.

A top Tata Steel official, however, said their bid was valid but did not respond to queries on whether the Indian company would match the rival bidder as believed in the merchant banking circles.

“We have made an offer for Corus on October 20. That remains valid,” Tata Steel deputy managing director T Mukherjee told reporters.

A CSN official, in the meanwhile told PTI, that the Brazilian company had opened discussions with the Trustees of the Corus Pension Funds, who were reported to be in favour of Tata Steel.

Sources close to the development said UBS, the joint broker to the Brazilian firm, had evinced interest in joining the syndicate of banks for financing the deal and so was Dutch banking major ING.