tata-narrowly-trumps-csn-to-win-corus

Tata narrowly trumps CSN to win Corus

Tata Steel's bid of ú6.08 per share is 34% higher than its October offer and values Corus at $12.2 billion. It pips the CSN offer by five pence.

Sameera Anand

February 01, 2007

IndiaÆs Tata Steel emerged the winner in the bidding war for Corus the erstwhile British Steel, valuing Corus equity at ú6.2 billion $12.2 billion and trumping the bid made by Brazil's CSN. The climax was almost a photo finish with Tata SteelÆs final bid at ú6.08 per share and CSNÆs at ú6.03 per share.

The competitive process yielded an outcome highly beneficial to Corus shareholders. Tata SteelÆs winning bid is up 33.6% from its original October offer of ú4.55 per share. The share has consistently traded up since the CSN counter-bid in November, rewarding hedge funds and others who built positions in the counter in anticipation of a bidding war.

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