Companhia Siderurgica Nacional (CSN) finally decided to engage in the assault of Corus, to counter the ambitions of the Indian Tata Steel. The third Brazilian steelmaker, announced Friday, its intention to bid on the offer but accepted Tata, October 20, by the management of the Anglo-Dutch group, and which must be covered by its shareholders on 4 December. The spoiler is proposing to pay 475 pence per share, or 4.4 of the price improved, rewarding the result of the merger of British Steel-Hoogovens in 1999 to 4.3 billion pounds. "Corus takes note of the announcement of CSN and confirms have approached this afternoon", is bounded to indicate, Friday, the group led by the French Philippe Varin.
Rio de Janeiro against Mumbai, it is the symbol of the irresistible rise of emerging economies to old Europe and North America. The coup of poker recalled the recent raid of Brazilian CVRD on the Canadian Inco, second world producer of nickel ($17.6 billion) and that of the Indian Mittal on the steel giant Arcelor, a transaction to EUR 25.4 billion. He is also on the IBM, in the pharmacy,
CSN was considered by all as the most likely candidate to a counteroffer. Itself and its European competitor is familiar. In 2002, they had even planned to get before you give up. But ironically, it was at the time Corus which was to get their hands on CSN.
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CSN-Corus marriage formed the fifth global steelmaker with production of 24 million tonnes of steel, against 23.5 million and a rank equivalent to a Tata-Corus association. "A rapprochement between CSN and Corus could create a global power with positions of leader and outstanding distribution networks, both in developed and emerging countries," said, this weekend, Benjamin Steinbruch, President and CEO and principal shareholder of the Brazilian.
The rest, at this stage operation, subject to the completion of an audit of the target, whereupon a formal offer should be made within "two or three weeks". The Brazilian, who already owns 3.8 of the capital of Corus, also plans to open from 10 to 20 the capital of its mine of iron of Casa da Pedra, to obtain an appreciation of this major asset by the market. In addition, Benjamin Steinbruch acknowledged that its rapprochement with the Wheeling-Pittsburgh American project was rather poorly engaged.
The market, in the meantime, already believes a competing bid from Tata. "This is not a surprise that an another purchaser be presented." "It will be interesting to see the next developments," welcomed a spokesman for Standard Life Investment, first shareholder of Corus (8 of the capital), which was considered very insufficient the price by Tata. The course of Corus rose 4.8, Friday, closing at 495,5 pence, well above the price proposed by CSN. Since the agreement with Tata Steel, the course of the anglo-néerlandais had also remained much higher than the 455 available pence, despite the statements of James Leng, its chairman, providing discussion with all potential partners before flowing into the arms of Tata. Including with the Brazilians.
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