A head-to-head bid battle for former British Steel firm Corus is due to get under way at 4.30pm (GMT) today.
The £5 billion auction – set to involve Brazilian firm CSN and India’s Tata Steel – has been established by the UK’s Takeover Panel and will consist of up to nine bidding rounds.
The winner is expected to be announced at 3am tomorrow. If the auction fails to go to nine rounds it will begin again at 4.30pm tomorrow.
The auction is to be held in private, with no updates expected until the final announcement at 3am.
A tie-up of either CSN or Tata with Corus would create the world’s fifth largest steel group capable of producing about 24 million tonnes of steel a year.
I bet it's more intense in that auction room than the Big Brother household.
Could the recent victory of Bollywood actress Shilpa prove to be an omen?
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