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Tata Steel, CSN To Face Auction For Corus Takeover

Both companies trying to gain ground on Arcelor Mittal.

Britain's Takeover Panel said Jan. 26 that India's Tata Steel and Brazilian rival CSN must take part in an auction next week to decide the fate of the Anglo-Dutch steelmaker Corus. The Takeover Panel said that the Corus auction would begin January 30, while the winner would likely be declared on Jan. 31 or February 1.

CSN and Tata, steel giants from two major emerging economic superpowers, are currently battling for Corus as they seek to gain ground on global market leader Arcelor Mittal.

CSN's latest bid had valued the group at about 5.8 billion pounds ($11.3 billion), while Tata's offer stands at around 5.6 billion pounds. Both bids include debt worth about 900 million pounds.

Copyright Agence France-Presse, 2007

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