CSN welcomes postponement of Corus Board meeting
Brazilian steel maker CSN on Monday welcomed Anglo-Dutch Steel major Corus' decision to postpone its EGM and court meeting, saying it was a "prudent" move.
By PTI |
LONDON: Brazilian steel maker CSN on Monday welcomed Anglo-Dutch Steel major Corus' decision to postpone its EGM and court meeting, saying it was a "prudent" move.
Companhia Siderurgica Nacional, which on November 17 launched a counter offer to take over Corus, is studying the books of the Anglo-Dutch company.
On Corus postponing the meetings till December 20, a CSN spokesperson told media that giving the company more time, is "probably prudent." He reiterated that CSN intends to make a formal bid and it "would complete the due diligence process as quickly as possible."
"The due diligence is still underway," he added. However, a spokesperson for India's Tata Steel, whose bid has already been recommended by Corus' Board, refused to comment on the development.
Earlier in the day, Corus announced the postponement of the EGM of shareholders and Court meetings, which was scheduled for December 4, to December 20 in order to give CSN additional time.
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The shareholders were to meet to vote on Tata Steel's takeover offer that valued Corus shares at 455 pence each. CSN, in its preliminary offer, had proposed 475 pence per share. Start a SIP with as low as ₹500 with ET Money App!
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