India's Tata Steel planning to raise Corus bid in two stages - report |
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Tue, 16 Jan 2007 05:34
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BOMBAY (XFN-ASIA) - Tata Steel Ltd is planning to raise its bid for Anglo-Dutch steelmaker Corus Group in two stages, in a strategy of 'calibrated bidding' between now and January 30, the deadline set by the UK Takeover Panel, DNA newspaper reported, citing unnamed sources.The Tatas' gameplan will see the offer price for Corus increased by 7 pct in the first stage, it said. This means the price will be raised from 500 pence a share, the offer now on the table, to 535 pence, which will be higher than Companhia Siderurgica Nacional's (CSN's) competing 515 pence offer.The bid may also include a sweetener in the form of increasing the Tata contribution to the Corus Pension Fund from the 242 mln usd already committed, it said.If the revised offer does not force CSN of Brazil to walk away from the deal, the Tatas will make another and possibly final bid of 550 pence a share, the paper cited sources close to the investment bankers working on the deal as saying.rc/
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India Inc turns its eyes toward UK 