By the time you read this, Anglo-Dutch steel major Corus will probably have a new owner. The bidding war between Tata Steel and Brazil’s Companhia Siderurgica Nacional (CSN) for Corus began on Tuesday night India time.
With the CSN bid of 515 pence (Rs 443) per Corus share already on the table against the Tatas last bid of 500 pence (Rs 430) a share, the Tatas were the first off the block, sending in a revised bid to the UK Takeover Panel. The bids are being kept confidential until the outcome.
If not completed by 8 am India time on Wednesday, the bidding was to stop, to be taken up again after banking hours. The Tatas had lined up commitments from bankers to allow a bid of $12 billion (Rs 53,076 crore), which translated into 550 pence (Rs 473) per share.