EU anti-trust panel to take up CSN’s Corus proposal in Feb

MUMBAI: European Union (EU) antitrust regulators will rule on Companhia Siderurgica Nacional’s (CSN) offer for Corus by February 5, the 27-nation EU’s anti-trust regulator said on Thursday.

The commission has already cleared Tata Steel’s proposal to acquire the Anglo-Dutch steelmaker. “The transaction would not impede effective competition in the European Economic Area (EEA) or any substantial part of it, as the activities only overlap to a limited extent,” the commission had said. The Indian major had earlier got the nod from US anti-trust authorities.

The Brazilian company’s 515 pence-per-share offer for Corus still stands and it is Tata Steel’s turn to respond. The Indian major had earlier revised its initial bid to 500 pence-per-share. The UK Takeover Panel has set a deadline of January 30 for any revised bids to be announced.

Meanwhile, there is intense speculation in the international media on Tata Steel’s forthcoming steps. In an editorial on Thursday, British newspaper The Independent noted that Tata group chairman Ratan Tata probably “has a number on his mind, which is the maximum he and his advisers think Corus is worth to Tata Steel, but, even if that number is 550 pence (a share), it doesn’t necessarily mean he’ll offer it. As Mr Tata is only too well aware, whatever he does the Brazilians are almost certain to outbid him.”

Tata Steel’s stock was down 1.2% on the BSE after a bearish session on Thursday. The metal index was down 1.7%. Shares of Corus were down a pence at 515.5 pence a share, at the time of going to the press.