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CSN prepares financing for higer Corus bid - report


Published : Sun, 21 Jan 2007 14:57
By : Agencies
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LONDON (AFX) - Companhia Siderurgica Nacional (CSN) has secured further funding should it need to raise its 515-pence a share offer for Anglo-Dutch steel group Corus PLC, The Sunday Telegraph reported.

The newspaper said the Brazilian steel giant has secured additional funding from Goldman Sachs and Citigroup to lift its bid for Corus, should Indian rival Tata Steel make a higher offer.

The Takeover Panel has ruled the two companies have until January 30 to make revised offers.

Reports in India suggest Tata is preparing to lift its bid in two stages, to as high as 600 pence a share.

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