India’s Tata Steel and Brazilian rival CSN must take part in an auction tomorrow to decide the fate of the Anglo-Dutch steelmaker Corus, the British Takeover Panel has ruled.
The Panel said in a statement that the auction would begin on Tuesday, January 30, with the winner probably being announced on Wednesday or Thursday. CSN and Tata are currently battling for control of Corus. CSN had bid 515 pence a share and Tata has increased its original 455 pence a share to 500 pence.
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