Tata Steel has approached the European Commission (EC)
for its approval of the proposed $8.1 billion dollar acquisition
bid for Anglo-Dutch steelmaker Corus. The European regulator
can approve the deal, open a four-month probe or refer
it to national regulators, a report quoting an EC statement
Steel''s top brass also met in Mumbai, presumably to discuss
the strategy to be adopted for countering Brazilian steelmaker
CSN''s bid to acquire Corus.
had last week approached Corus with a 475 pence per share
offer against Tata''s 455 pence per share and has also
started the due diligence of Corus accounts.
Tata Steel officials refused to comment on what transpired
at the board meeting, market observers believe the company
considered the option of raising its $8.1 billion offer
has already completed the due diligence process and is
understood to have readied the money for the takeover.
The company, however, was awaiting a formal bid by CSN,
investment banking sources said.
shareholders are expected to consider Tata''s offer at
an extraordinary general meeting scheduled on December
ruling by the European Commission is expected by January