tata-steel-drawn-into-a-bidding-war-for-corus

Tata Steel drawn into a bidding war for Corus

CSN tops Tata Steel's latest bid for Corus. Tata Steel shareholders turn bearish sending shares down 6%.
December 11, 2006
Companhia Siderurgica Nacional CSN of Brazil has topped the bid by India's Tata Steel for Corus UK thwarting the ambitions of the Indian company to become a global top 10 steel industry player and potentially derailing IndiaÆs largest announced MA cross-border acquisition.

From the sequence of events, it seems that CSN was waiting for Tata Steel to table its revised bid to make its own offer. Tata Steel announced late on Sunday that it had increased its offer to Corus shareholders to ú5.00 $9.78 per share, an increase of 10% over the ú4.55 that Tata Steel originally offered. At the new price, Tata Steel valued Corus equity at ú4.7 billion, up from ú4.3 billion...
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