The UK takeover panel, which has been holding discussions
with Corus, Tata Steel and Brazil''s CSN, is believed to
be close to finalising the process to decide the acquirer
for Anglo- Dutch steel maker Corus, Europe''s second largest
to reports, the panel could make an announcement this
Steel and Brazil''s CSN, had made their submissions to
the panel earlier. During discussions, the two companies
had expressed themselves against certain terms proposed
by the takeover panel, which could hamper the selection
of the successful acquirer.
companies are against certain terms of the process, such
as a sealed bidding and a prescribed gap between the two
bids in case of an open auction.
panel had set a deadline of 30 January while ruling in
December that an auction process could be started "shortly
before" this date if the competitive situation continued.
panel has said that it would start the auction process
only if Tata
Steel was keen on raising its bid of 500 pence, which
CSN trumped within hours with an enhanced bid of 515 pence.