Tata Looking to Trump CSN in Race for Corus

By Daily Mail, London

Jan. 30–India’s Tata Steel is expected to raise its offer for British steelmaker Corus to trump Brazil’s Companhia Siderurgica Nacional before today’s bid deadline.

Analysts reckon Tata has a ceiling of 580p a share — CSN is currently winning the battle with a bid of £5bn, or 515p.

Kanan Shah, analyst at India’s Networth Stock Broking, said: “Reports of 600p are too aggressive. Five hundred and eighty pence could be the highest which Tata could go up to.”

Tata and CSN have been chasing Corus, up 2p at 560p, since October. Regulators at the Takeover Panel have ruled that if both are still in the running by 4.30pm today it will trigger an auction process of eight rounds of open bids. If it remains deadlocked, this will be followed by a final round of sealed bids.

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