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Tata, CSN to go for open bidding for Corus

London: Corporate giant Tatas and Brazilian steel maker CSN will battle with each other through an open bidding for the acquisition of Britain's Corus group from January 30, a development that could take Corus' value at about $11 billion.

As per an announcement by the U.K.'s Takeover Panel on the London Stock Exchange, the three-day bidding process will culminate by February 1, a move that could result in much higher value than 515 pence a share offer made by Companhia Siderurgica Nacional (CSN) to top Tata's 500 pence a share.

Condition

A condition that each bid in each of the nine rounds has to be five pence more than the other could mean that Corus shareholders could get even 600 pence a share if the fight between the two suitors lasts till the ninth round. — PTI

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