Tuesday, November 28, 2006

Brazilians get extra time to bid for Corus

STEEL giant Corus is to delay a shareholder's meeting to give a Brazilian company more time to come up with a counterbid to Tata Steel's offer.

The Anglo Dutch group has put back the meeting from December 4 to December 20 to allow Companhia Siderurgica Nacional to go through its books and decide whether it wants to make a rival offer.

Corus said yesterday: "The board of Corus has decided that it is in the best interests of Corus shareholders to allow CSN some additional time to satisfy its preconditions and to determine whether it will put forward a formal offer."

CSN, which tried to merge with Corus in 2002, told Corus earlier this month that it was willing to pay more than an existing offer from Tata Steel.

The Indian firm, which is part of the massive conglomerate Tata, had agreed a deal worth £4.3bn with Corus management in October.

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