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Corus faces head-to-head auction Corus faces head-to-head auction
(about 3 hours later)
An auction to secure Anglo-Dutch steelmaker Corus is taking place on Tuesday evening, with the winner set to be announced early on Wednesday.An auction to secure Anglo-Dutch steelmaker Corus is taking place on Tuesday evening, with the winner set to be announced early on Wednesday.
The £5bn behind-closed-doors bidding war is between Brazilian firm CSN and India's Tata Steel, and has been established by the UK's Takeover Panel.The £5bn behind-closed-doors bidding war is between Brazilian firm CSN and India's Tata Steel, and has been established by the UK's Takeover Panel.
A merger of either CSN or Tata with Corus would create the world's fifth-largest steel group.A merger of either CSN or Tata with Corus would create the world's fifth-largest steel group.
The auction is the conclusion of a process that began in October 2006.The auction is the conclusion of a process that began in October 2006.
Auction timetableAuction timetable
The newly-created steel firm will be capable of producing about 24 million tonnes of steel a year.The newly-created steel firm will be capable of producing about 24 million tonnes of steel a year.
The bidding battle between CSN and Tata has driven shares in Corus to seven-year highs. In mid-afternoon trade in London shares in Corus were up 0.8% at 564.5p. The bidding battle between CSN and Tata has driven shares in Corus to seven-year highs. At close of trade in London shares in Corus were up 0.54% at 563p.
The nine-round auction start at 1630 GMT, with a winner expected by 0230 GMT on Wednesday.The nine-round auction start at 1630 GMT, with a winner expected by 0230 GMT on Wednesday.
However, if no knock-out blow has been delivered by then, the auction will restart at 1630 GMT on Wednesday.However, if no knock-out blow has been delivered by then, the auction will restart at 1630 GMT on Wednesday.
European approvalEuropean approval
Mumbai-based Tata tabled a £4.1bn bid for the group in October and two months later the Corus board accepted an improved £4.7bn offer from Tata.Mumbai-based Tata tabled a £4.1bn bid for the group in October and two months later the Corus board accepted an improved £4.7bn offer from Tata.
However, just hours later Corus then announced it had approved a 515p-a-share, or £4.9bn, offer from Rio de Janeiro-based CSN (Companhia Siderurgica Nacional).However, just hours later Corus then announced it had approved a 515p-a-share, or £4.9bn, offer from Rio de Janeiro-based CSN (Companhia Siderurgica Nacional).
Both firms have had their takeover offers approved by the European Commission.Both firms have had their takeover offers approved by the European Commission.
In addition to its bid, CSN has said it will pay £138m into the Corus Engineering Steels pension scheme - against £126m mooted by Tata.In addition to its bid, CSN has said it will pay £138m into the Corus Engineering Steels pension scheme - against £126m mooted by Tata.