CSN boss lines up UK steel offer
The boss of Brazilian steel firm CSN today said he was preparing to make a bid for Corus in the next 10 days.
Companhia Siderurgica Nacional chairman and chief executive Benjamin Steinbruch told the Financial Times he would like to make an offer before December 4.
That is the date of a Corus extraordinary general meeting (EGM) where shareholders will vote on a takeover bid from Indian firm Tata Steel and which was recommended by the Corus board last month.
Tata offered 455p a share to value Corus at £4.3bn (€6.3bn) but last week CSN said it was prepared to pay 475p a share.
Mr Steinbruch said CSN was now studying the Corus books and added that the Anglo-Dutch firm was being “fair and professional” in the process.
He told the FT: “We are confident that we will be able to move to a formal bid. Depending on the quality of the information, discussions will be finalised at the end of this week or beginning of next week. We would like to be prepared before the Corus EGM.”
