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| Corus tells shareholders to wait for CSN’s takeover bid  Anglo-Dutch metal firm Corus has decided to allow Brazil’s Companhia Siderurgica Nacional (CSN) some additional time to satisfy its pre-conditions and to determine whether it will put forward a formal offer. The board of Corus intends to propose resolutions to shareholders at each of the EGM and the Court Meeting convened for 4 December 2006 to adjourn those meetings until 20 December 2006. On 20 October 2006, Corus, Tata Steel and Tata Steel UK announced that they had reached agreement on the terms of the recommended acquisition of the entire issued and to be issued share capital of Corus at a price of 455 pence. On 17 November 2006, CSN approached Corus regarding a proposal to make a cash offer for Corus at a price of 475 pence per ordinary share. The CSN proposal does not amount to a firm intention to make an offer and it is subject to certain pre-conditions as described in the announcement made by CSN.write your comments about the article :: © 2006 Construction News :: home page |