Tata Steel board may give go-ahead to raise Corus bid to 600 pence/shr - report |
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Fri, 19 Jan 2007 05:15
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BOMBAY (XFN-ASIA) - Tata Steel Ltd's board is set to authorise the company's management to raise the bid for Anglo-Dutch steelmaker Corus Group PLC to 600 pence a share, the Economic Times reported, citing unnamed sources.It said the board will empower Chairman Ratan Tata and Managing Director B Muthuraman to take a final decision on a revised offer price.Tata Steel is likely to first increase its offer price to 530 pence per share and study the response of Brazil's Companhia Siderurgica Nacional (CSN) before deciding on a final bid, the report said.At 600 pence, Corus would be valued at 11.1 bln usd, it noted.However, the newspaper also cited some investment banking sources as saying that Tata Steel's bid may go only as high as 550 pence, and that too not at one go. The company may initially raise the bid by about 15 pence and wait for CSN's response, sources told the paper.Tatas' current offer on the table is 500 pence a share, which had been topped by a bid of 515 pence by CSN.The UK Takeover Panel has set a January 30 deadline for final offers.rc/
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India's Tata Steel planning to raise Corus bid in two stages - report 