Stage set: Bidding to take place through e-mail

As both bidders are set to hit the starting line of the Corus auction, the teams of top managements are getting set for the final round of the Corus auction. It's looking to be a tense night for many people including bankers and lawyers.

By Sudeshna Sen, ET Online | Jan 31, 2007, 02.35 AM IST

LONDON: As both bidders are set to hit the starting line of the Corus auction, the teams of top managements are getting set for the final round of the Corus auction. It's looking to be a tense night for many people including bankers and lawyers.

According to the latest information available, CSN, represented by finance director Octavio Lazcano will be bidding from lazard's office in Stratton street in London's west end, along with their bankers from Lazard and Goldman Sachs.

It is unlikely that Benjamin Steinbruch will be present. On the Tata end, the bidding will take place from the City offices of Tata's lawyers, Herbert Smith. Tatas will be represented by Arun Gandhi.

It is anticipated that the Tatas will have one hour to submit their first bid, by e-mail. The bidding will take place by mail to the Takeover Panel, which will then let the other side and Corus know.

According to reports, which could not be confirmed, Corus' chairman Jim Leng and CEO Philippe Varin will be monitoring the bidding from their offices in Millbank, Westminster.

Also read:

1. Chronology: Corus-takeover

2. World's top 10 steel producers

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