Thursday, November 23, 2006

EU Sets Deadline to Rule on Corus Bid

EU regulators on Thursday set a Jan. 3 deadline to rule on Tata Steel's 4.3 billion pound US$7.7 billion (euro6.01 billion), bid for Britain's Corus Group PLC, just days after CSN made another higher offer.

Brazil's Companhia Siderurgica Nacional SA trumped Tata last week with an offer of US$8 billion (euro6.25 billion) for Europe's second largest steelmaker, sending Corus shares soaring on speculation that Tata would raise its bid or that other companies might enter the contest.

Any takeover for Corus, Europe's second-largest steelmaker after Arcelor Mittal, builds on the steel industry's recent wave of consolidation, coming on the heels of Mittal Co. NV's euro26 billion (US$33.5 billion) takeover of Arcelor SA this year.

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