CSN to go for the kill before Dec 4
The boss of CSN told a British newspaper on Friday the Brazilian steel maker would like to be in a position to make a formal bid for Corus before December 4.
On that date, the shareholders of Corus are due to vote on a bid by Tata Steel Ltd. Benjamin Steinbruch, CSN’s CEO, was one of 40 Brazilians working in London on due diligence on Corus after the firm’s rival takeover proposal last week, according to the paper. “We are confident that we will be able to move to a formal bid,” he was quoted in the newspaper as saying.
“Depending on the quality of the information, discussions will be finalised at the end of this week or beginning of next week. We would like to be prepared before the Corus EGM.” Tata Steel last week saw its agreed bid for Corus topped by an $8.4 billion counter offer from CSN.
—Reuters
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