Corus Terug naar discussie overzicht

Reacties van Tata.

1. [verwijderd] 18 november 2006 17:19

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   Hij had het niet meer verwacht,Corus directie had het hem gezegd er zou geen andere bieder komen,volgens mij pinkte hij een traanje weg,althans het kostte hem moeite zijn verdriet te verbergen voor de reporter,Ratan Tata's missie mislukt.
   
   Tata Steel boss caught off-guard by CSN bid for Corus: report
   (AFP)
   
   18 November 2006
   
   LONDON - The owner of India’s Tata Steel, Ratan Tata, was surprised at news of a rival bid from Brazillian steelmaker CSN for Anglo-Dutch peer Corus, according to an interview published on Saturday.
   
   Companhia Siderurgica Nacional (CSN) had announced late Friday that it had made a informal bid approach to Corus, setting the stage for a bidding war and throwing Tata Steel’s agreed takeover into jeopardy.
   
   In a strange twist, Ratan Tata was being interviewed in the London offices of The Times newspaper when he heard of CSN’s 5.3-billion-pound approach to Corus, which had already agreed last month to an offer from Tata worth 5.1 billion pounds. Both offers include some 1.0 billion pounds worth of debt.
   
   Speaking to the paper, Ratan Tata said the group had no contingency plan for a counter-offer, news of which he described initially as ‘interesting’.
   
   The daily newspaper wrote: ‘When he was given the news, Ratan Tata was silent and composed, seeming to read the same sentence over and over again.
   
   ‘The chairman of the Tata Group had just been handed a piece of paper with a single line snapped off the (news) wires: ‘CSN approaches Corus Group with 475 pence a share takeover proposal.’’
   
   That compared with a 455 pence per share offer from Tata.
   
   ‘Corus told us that this probably was not going to happen,’ he told The Times.
   
   Questioned about the group’s response to CSN’s all-cash takeover approach, he added:
   
   ‘We are not going to leave this office giving you any indication of what we are going to do.’
   
   The newspaper said that, judging from his reaction, Corus had not been in touch with the Indian billionaire to inform him of the rival offer.
   
   However, the paper added that Ratan Tata’s mobile phone, which buzzed throughout the interview, did have a missed phonecall from Corus chairman Jim Leng.
   
   Moments before the news broke, Tata had spoken of his plans to integrate Corus into his family-owned firm and the prospect of selling British-made steel in Asia.
   
   Meanwhile, Indian newspaper Business Standard said Saturday that Tata Steel was set to boost its offer next week, quoting unnamed financial sources. A senior Tata company official in New Delhi declined to comment.
   
   The CSN offer, which is subject to due diligence and finalisation of funding, means steelmakers from two of the world’s emerging economic superpowers -- India and Brazil -- could slug it out for control of Corus as they seek to gain ground on world number-one steelmaker Arcelor Mittal.
   
   Tata’s bid was slated to go before a Corus extraordinary shareholder general meeting December 4.
   
   The fragmented steel industry has been under pressure to consolidate after the top two companies, Arcelor and Mittal Steel, merged earlier this year.
   
   mvrgr jo jo
2. [verwijderd] 18 november 2006 17:27

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   Klein stukje vanaf Yahoo India,hoger bod Tata komt eraan.
   
   Photo: Tata may revise offer for Corus - reports
   Saturday November 18, 02:00 PM
   The Tata Steel logo is displayed in London following the announcement that Tata Steel would purchase Anglo-Dutch steel company Corus October 20, 2006. Tata Steel may revise its offer for Corus after Brazil's Companhia Siderurgica Nacional topped Tata's bid, newspapers said on Saturday. REUTERS/Toby Melville/File Photo
   
   mvrgr jo jo
3. [verwijderd] 18 november 2006 17:54

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   Bod naar 550 pence?
   
   Can CSN trump Tata Steel?
   Rex Mathew
   18 November 2006
   
   Tata Steel's bid to acquire Corus Group has been challenged by Brazilian rival CSN. What are CSN's chances of success and how far would Tata Steel go in this bidding war?
   
   Finally, Tata Steel has been challenged in its quest to acquire European steel major Corus Group Plc. Nearly a month after reports on Companhia Siderugica Nacional (CSN) as the only other likely bidder for Corus (See: Brazils' CSN the only likely challenger for Tata's Corus bid), the Brazilian steelmaker has announced a rival bid which is higher than the offer from Tata Steel. (See: Brazil's CSN ups Tata offer with $8.1-billion rival bid for Corus)
   
   In fact, advisors to Tata Steel had foreseen this move from CSN and had reportedly advised a joint Tata Steel-Corus hostile bid for CSN. But the Tata Group was not too keen as it would be against the Group's stated policy of not making any hostile acquisitions. (See: Joint Tata - Corus bid for Brazilian steelmaker CSN?)
   
   CSN is offering 475 pence per share of Corus, as against Tata Steel's offer of 455 pence per share. CSN would also match Tata Steel's offer to make upfront cash payment to bridge the shortfall in Corus's pension fund schemes and increase future pension fund contributions to 12 per cent of workers' salary. CSN would finance its bid through internal resources and new credit facilities from Barclays Bank, Goldman Sachs and BNP Paribas.
   
   However, CSN would announce a formal firm bid only after completion of due diligence and on satisfaction of other undisclosed conditions, which CSN may waive at its discretion. CSN chairman Benjamin Steinbruch reportedly met with chairman of Corus yesterday in London and discussed the offer, according to reports in the British media.
   
   Ironically, Tata Group chairman Ratan Tata was meeting the management and reporters of London newspaper The Times to discuss Tata Steel's Corus bid, when the news of CSN's counter-bid was broken to him. The Times said Ratan Tata was 'gentlemanly and courteous' when he learned about the counter-bid and left without disclosing his next moves.
   
   The counter-bid saw Corus shares rallying yesterday and closed at 495.5 pence in London. The stock had gone past 500 pence before Tata Steel made the formal offer, before cooling off to around 465 pence as no counter-bids emerged for many weeks. Some large institutional shareholders like Alliance Bernstein, Jupiter Asset Management and TT International had reduced their stakes in Corus as the possibility of a bidding war was considered to be low. Even Barclays, the second largest Corus shareholder and which is now financing CSN, had reduced its holdings to below 5 per cent from nearly 6.5 per cent.
   
   CSN has been buying Corus shares from the open market and said it currently holds around 3.8 per cent of Corus. The two companies had contemplated a merger in 2002, but talks were called off at an advanced stage. CSN and Corus had also set up a JV in Portugal for galvanised products, but Corus divested its stake to CSN early this year.
   
   Can CSN convince all Corus stakeholders, including employees and pension funds? Workers of Corus are anyway resigned to a future under foreign ownership, so it may not matter much whether the new bosses are Indian or Brazilian. Pension funds may approve the offer as long as CSN is willing to match Tata Steel's liberal offers of upfront cash payment and higher future contributions.
   
   The due diligence by CSN is likely to be a mere formality as Tata Steel has already inspected the books of Corus and is quite happy. For CSN, funding the deal is also not a major headache as it already has the backing of major banks.
   
   Like Tata Steel, CSN is also planning a leveraged buy-out by raising debt on the security of future cash flows from Corus. But unlike Tata Steel's financing arrangements, part of the new credit facilities are with recourse to CSN. It is not clear if CSN shareholders would be comfortable about that exposure.
   
   All eyes are now on the Corus board, which is expected to meet shortly to discuss the offer from CSN. Corus has not made statements so far on the counter-bid, except acknowledging receipt of the offer. CSN is unlikely to make a formal bid without the full support of Corus board, one of the three conditions to its conditional offer reported yeaterday.
   
   Would the Corus board, which has already recommended the offer from Tata Steel to shareholders, be willing to support the CSN bid? The Corus management has been in discussions with many global steel companies, including CSN, for more than a year before it decided to accept the Tata Steel offer. When recommending the Tata Steel offer, Corus management had stated that it is reasonably certain that no other serious bidders exist. So the move by CSN would have come as a surprise, even for the Corus board.
   
   The Corus management have already proceeded quite far with Tata Steel and have publicly stated that they are very comfortable with Tata Steel taking over the company. But CSN is no stranger either, as both companies have worked together in the past and even discussed a merger.
   
   Strategically, both Tata Steel and CSN are equally good partners for Corus. Both bidders have presence in emerging economies, with access to cheap sources of iron ore, and are among the most efficient producers globally. In terms of access to iron ore, CSN may have an edge because it owns one of the largest iron ore mine in the world. CSN chairman has already cited this as a major advantage over the offer by Tata Steel. CSN also has a stake in Companhia Vale do Rio Doce (CVRD) — the largest global producer and supplier of iron ore and pellets.
   
   But Tata Steel has better global reach with presence in the fastest-growing markets of Asia. It already has successfully acquired and integrated steel companies in overseas locations like Natsteel of Singapore and Millennium Steel of Thailand. Tata Steel also has more professional management and is backed by a strong, asset-rich industrial group. Hence, given a choice, the Corus management may be more comfortable in working with the Tata Group than CSN, in which the Brazilian government has a 24-per cent staike. Tata Steel has also offered to appoint key senior Corus executives on its board after the acquisition is completed.
   
   But it won't be easy for the Corus management to reject the CSN offer outright due to pressure from the large institutional shareholders. Some key shareholders, including the largest shareholder Sun Life, have already stated that the Tata Steel offer 'undervalues the company'. They would force the Corus management to strike a hard bargain with Tata Steel, if they want to stick with the Indian company.
   
   It is almost certain that Tata Steel would have anticipated this counter-bid and seemed quite prepared with its own strategies. The bid price from Tata Steel was seen by many industry analysts only as an initial offer, more like testing the waters to see if any other counter-bids emerge. There are rumours that Russia's Severstal, too may throw its hat in the ring as it had done for Arcelor after Mittal Steel's bid. (See: Arcelor snubs Mittal; to merge with Russian company Severstal) Hence, most analysts believe that Tata Steel is prepared to increase its offer and is likely to do so by next week. In fact, early rumours had put the likely offer price above 550 pence per Corus share.
   
   B
4. [verwijderd] 18 november 2006 23:56

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   Drukte van belang daar in India het nieuws blijft over het net flitsen,houden is wat ieder nu moet zelfs kopen geeft nog winstmogelijkheid.
   
   `Tata Steel must soon top CSN counter bid for Corus'
   Our Bureau
   
   `Rival may wrap up debt finance plan on Monday'
   
   --------------------------------------------------------------------------------
   What analysts say
   Counter offer a boon for traders; some of the long players, who have been reducing holding, are sure to stop (selling).
   The kind of trust and goodwill of Corus employees enjoyed by Tatas might be a clincher in the final show down with a rival bidder
   --------------------------------------------------------------------------------
   
   Kolkata , Nov. 18
   
   Analysts and bankers felt that Tata Steel would have to top the rival bid for Corus shortly since CSN would move quick.
   
   "Maybe on Monday CSN would wrap up its debt finance plan with a consortium of banks consisting of Barclays, Goldman Sachs and BNP Paribas, for a formal approach for Corus.
   
   "It is also likely to get in touch with Corus Engineering Steel Pension Fund trustees", a top investment bank official told Business Line from London.
   
   A head of the trading desk of a global securities fund said that for the market movement in Corus, CSN's counter offer was a boon for the traders; some of the long players, who have been reducing holding, are sure to stop (selling).
   
   Though CSN is yet to complete due diligence, analysts felt that since it came close to merging Corus with it in 2002, it would be a routine and fast exercise.
   
   "Corus management till recently has been in talks with CSN for reviving the idea of a synergy. Both know each other's strength and weaknesses very closely", Mr Tim Davidson of Unix Fund Management, said.
   
   An official of UK hedge fund, which is still holding on to its investment gains in Corus, said fund managers at Standard Life, one of the main investors in Corus, had been quietly campaigning for a rival bid even though its average acquisition cost of Corus shares reportedly was 300 pence each.
   
   However, she felt that the kind of trust and goodwill of Corus employees enjoyed by Tatas might be a clincher in the final show down with a rival bidder.
   
   She said that Tatas had struck the cord early. CSN's promise to match Tatas on the security score will take time to sink in and would go through a close scrutiny by the trustees, who also hold substantial stake in Corus.
   
   Tatas have already had lengthy discussions with employees' panel regarding the pension fund and the panel had been given the opportunity to meet the representatives of Tata Steel before the announcement of the proposed transaction, to raise any issues regarding the safeguards for the future security of the pension scheme.
   
   Under the British law, the company management can dip into pension funds. Corus employees' fund is worth 9 billion, much more than the bid and the counter bid, sources pointed out.
   
   Funding for Tatas
   
   Banking sources in London said for Tata Steel, Credit Suisse had recently taken over the responsibility of the lead financing bank, aided by ABN Amro and Deutsche Bank.
   
   Credit Suisse was appointed by Corus as its advisor. ABN Amro and Deutsche Bank — which were appointed by Tata Steel UK to raise debt funds for the acquisition — were unable to organise the amount.
   
   Of the £3.3 billion of financing being raised under the new arrangement, Credit Suisse will provide 45 per cent and ABN Amro and Deutsche Bank share up 27.5 per cent each.
   
   Another $1.8 billion bridge loan being raised at Tata Steel is being shared between Standard Chartered and ABN Amro in India.
   
   mvrgr jo jo
5. [verwijderd] 19 november 2006 00:37

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   Dank voor deze berichten Jojo.
   
   Je zou d'r bijna van gaan mee- huilen.
   
   The newspaper said that, judging from his reaction, Corus had not been in touch with the Indian billionaire to inform him of the rival offer.
   
   However, the paper added that Ratan Tata’s mobile phone, which buzzed throughout the interview, did have a missed phonecall from Corus chairman Jim Leng.
   
   Zal wel een top bedrijf zijn TATA maar als dit al misloopt hoe hadden de heren zich de toekomstige communicaties voorgesteld?
   
   Dank, Rob.
   
   550p = 8,12Euri
6. [verwijderd] 19 november 2006 01:22

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   quote:

   vissekop schreef:

   Dank voor deze berichten Jojo.
   
   Je zou d'r bijna van gaan mee- huilen.
   
   The newspaper said that, judging from his reaction, Corus had not been in touch with the Indian billionaire to inform him of the rival offer.
   
   However, the paper added that Ratan Tata’s mobile phone, which buzzed throughout the interview, did have a missed phonecall from Corus chairman Jim Leng.
   
   Zal wel een top bedrijf zijn TATA maar als dit al misloopt hoe hadden de heren zich de toekomstige communicaties voorgesteld?
   
   Dank, Rob.
   
   550p = 8,12Euri
   

   En wat te denken van de top van Corus met Varin,Schraven en zijn medehandlangers.
   Heb eerder geschreven dat in 2004 Varin Corus de eerste winst bezorgde. Ook hij wist dat er grotere staalconcerns de komende jaren zullen ontstaan. Met een bod van 455p kan hij wel rentenieren maar wordt de beste man het lachertje van de (staal) managers, om zo'n goed geavanceerd bedrijf voor deze prijs aan TATA te verkwanselen. Er staan meer partijen op de stoep die wel iets extra willen betalen om een goede positie op de wereldmarkt te verwervenen. Ben geen manager maar dat moet hij en de hele top toch ook weten.Is het niet deze week danwel de volgende maanden. De verwachting is dan ook dat eind volgende week(was wat voorbarig eind oktober) een koers van 8,10-8,30 euro op het bord staat en de volgende maanden waarschijnlijk 9,0-9,5 euro. Dit zijn de bekende schijnbewegingen.Een goede voorzet moet nog komen.Geduld is een schone zaak.
   De top van Corus is echt ongeloofwaardig met de uitspraken die de afgelopen periode zijn gedaan. Wat moet een goed lopend bedrijf met deze managers,de lachertjes van de staalwereld,die alleen maar op eigen gewin uit zijn.Elke andere manager(leek) had het beter gedaan.
   Dit zijn niet de gestaalde managers,maar de gestraalde managers.
7. [verwijderd] 19 november 2006 02:20

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   Groen is gras.
   
   Ik had dus veel meer verwacht van een Varin.
   Ik had een hoge pet op van die man na 3,5/4 jr trouwe Corus belegger te zijn. Snik, nu bij mij ook een traantje:-)
   
   Misschien hebben we het verkeerd gezien want Varin is een schaker en denkt vooruit in zetten.
   
   Enfin mijn allergrootste afknapper is die zogenaamde logica waarbij geopperd wordt dat TATA zo goed is voor Corus terwijl ik daar dus uiteindelijk niet van kan gaan meeprofiteren als belegger.
   Wat heeft het voor zin te beleggen in Corus als ze hier van de markt gehaald gaan worden en ergens in Timboektoe op de markt verschijnen?
   Die contradictie begrijp ik dus niet tov aandeelhouders.
   
   Lijkt wel politiek puur spelletje net als met Severstal.
   Liefdesnestje bouwen in Rusland (wetende dat dit niet zal gaan lukken want de Russen zijn na het Youkos verhaal en gas Oekraine verpichtingen er niet op vooruit gegaan in betrouwbaarheid, Shell Shakalin? ga maar door ) om vervolgens met een hoger bod toch nog te worden overgenomen.
   Gaan we nu het zelde verhaal afdraaien en toch nog wat in de wacht slepen?
   
   Je hoeft geen expert te zijn om in te zien dat CSN betere ogen gooit dan een kleintje als TATA.
   
   Niet wat betreft bedrijfscultuur en ingang tot Azie.
   Alhoewel daar ook een hoop beperkingen aan zitten aangaande grondstof wettelijke regelingen.
   
   Ik weet zeker dat aandeelhouders liever de Brazillianen omarmen al was het alleen maar om de centen. Bedijfscultuur is oninteressant het gaat om de pegels.
   
   Mvg Rob
   
   
8. [verwijderd] 19 november 2006 12:14

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   EEN ARTIKEL UIT ECONOMIC TIMES - INDIA.
   
   Will Tatas be able to clinch Corus finally?
   
   PTI[ SUNDAY, NOVEMBER 19, 2006 04:00:25 PM]
   
   NEW DELHI: It is an undeclared valuation game in the global steel space that could be won by the domestic giant Tatas only after outbidding the hurdles from not just Brazil -- but also from places like Russia and China.
   
   While a counter offer has already emerged from Brazilian steel maker CSN to block Tata Steel's endeavour to become a major global player with its intended acquisition of Anglo-Dutch Corus Group, the investment banking circles are full of reports about similar counter-bids from Russia's Severstal and China's Sino Steel.
   
   Some industry experts might be discounting CSN's proposed bid worth 475 pence per share, which is higher than Tatas' 455 pence per share, as just a minor roadblock in the Tata-Corus merger, and a consensus is emerging that this bid could at least prop up the bid from the Indian steel giant.
   
   Het artikel is nog wat groter maar bevat geen nieuwe feiten.
   Uit bovenstaande blijkt dat men in India(lees Tata)ook rekening houdt met een russisch en zelfs een chinees bod.
   Er is een bekend nederlands spreekwoord dat luidt:
   2 honden vechten om een been en de 3e loopt er mee heen. Daar moet ik nu aan denken.
   Ik ben benieuwd of ze zo'n gezegde ook in India of Brazilie kennen.
   vr. groet Hans.
9. [verwijderd] 20 november 2006 08:32

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   RTRS-Tata-baas verrast door bod CSN op Corus
   LONDEN (ANP) - Tijdens een interview een topman kunnen
   verrassen met groot nieuws dat zijn onderneming aangaat. Dat
   overkwam journalisten van de Britse krant The Times vrijdag,
   toen zij de baas van het Indiase staalbedrijf Tata Steel
   spraken.
   
   Ratan Tata reageerde verbaasd toen hij een eenregelig
   bericht van een persbureau onder ogen kreeg waarin bekend werd
   dat het Braziliaanse staalbedrijf Companhia Siderurgica Nacional
   (CSN) een informeel bod heeft gedaan op Corus. Tata wil graag
   fuseren met Corus en heeft in oktober al een bod van 5,1 miljard
   pond sterling op tafel gelegd. Dit bod wordt gesteund door het
   bestuur van het Brits-Nederlandse staalconcern.
   
   CSN is nu bereid om 5,3 miljard pond (7,8 miljard euro) te
   betalen. Beide biedingen zijn inclusief een schuld van ongeveer
   1 miljard pond. Toen Ratan Tata het bericht onder ogen kreeg,
   werd hij stil en leek hij die ene regel telkens weer te lezen,
   zo schreef The Times. Tata noemde het nieuws over een bod van
   CSN ,,interessant''.
   
   De Indiase krant Business Standard meldde zaterdag dat Tata
   Steel volgende week zijn bod op Corus zal verhogen. Daarmee zou
   een felle strijd kunnen ontstaan tussen vertegenwoordigers van
   twee landen die hard vechten om een voorname plek te krijgen op
   het economische wereldtoneel. In de staalindustrie is al een
   grote consolidatieslag gaande.
   
   ((ANP Redactie Economie, email economie(at)anp.nl, +31 20
   504 5999))
   
10. [verwijderd] 20 november 2006 08:58

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    Zal Tata de koers laag gaan houden?
    
    gr hans791
11. [verwijderd] 20 november 2006 09:20

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    zal het spreekwoord zich recht doen? "twee honden vechten om een been en een derde loopt er ras mee heen"
    
    ben benieuwd! (vooral naar of er een 3e partij komt die ermee heen gaat)
12. [verwijderd] 20 november 2006 09:22

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    Bod CSN verrast Tata
    De topman van Tata Steel vernam tijdens een interview met The Times het nieuws van een tegenbod van CSN op Corus. Ratan Tata reageerde zeer verbaasd, Corus had hem verteld dat een ander bod onwaarschijnlijk was. CSN is bereid 7,8 mrd euro te betalen voor Corus. Volgens de Indiase media zou Tata zijn bod deze week verhogen. Verder denkt Tata eraan om de Nederlandse onderzoeks- en ontwikkelingsafdeling van Corus uit te breiden. (Tel, p.13 - FD, p.9)
13. [verwijderd] 20 november 2006 09:25

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    quote:

    h.vdbilt schreef:

    Bod CSN verrast Tata
    De topman van Tata Steel vernam tijdens een interview met The Times het nieuws van een tegenbod van CSN op Corus. Ratan Tata reageerde zeer verbaasd, Corus had hem verteld dat een ander bod onwaarschijnlijk was. CSN is bereid 7,8 mrd euro te betalen voor Corus. Volgens de Indiase media zou Tata zijn bod deze week verhogen. Verder denkt Tata eraan om de Nederlandse onderzoeks- en ontwikkelingsafdeling van Corus uit te breiden. (Tel, p.13 - FD, p.9)
    

    Met welk bod zal Tata komen??
    
    gr hans791
14. [verwijderd] 20 november 2006 09:31

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    quote:

    hans791 schreef:

    [quote=h.vdbilt]
    Bod CSN verrast Tata
    De topman van Tata Steel vernam tijdens een interview met The Times het nieuws van een tegenbod van CSN op Corus. Ratan Tata reageerde zeer verbaasd, Corus had hem verteld dat een ander bod onwaarschijnlijk was. CSN is bereid 7,8 mrd euro te betalen voor Corus. Volgens de Indiase media zou Tata zijn bod deze week verhogen. Verder denkt Tata eraan om de Nederlandse onderzoeks- en ontwikkelingsafdeling van Corus uit te breiden. (Tel, p.13 - FD, p.9)
    [/quote]
    
    Met welk bod zal Tata komen??
    
    gr hans791
    

    500 pence = 7,38
    
    20-11-2006 7:56
    AMSTERDAM (Dow Jones)--Het Indiase staalbedrijf Tata Steel is bereid zijn bod op Corus te verhogen, aldus een analist van een buitenlands beleggingshuis. "Als het bedrijf slagvaardig en strijdlustig is, dan zal het concern een veel hoger bod uitbrengen", aldus deze analist. "Het Braziliaanse CSN, dat vrijdag een hoger bod uitbracht dan Tata, is beter toegerust, omdat zij over grondstoffen beschikken die Corus niet heeft, hetgeen de aanleiding is voor de verkoop van Corus", voegt hij toe. Tata heeft daarentegen de financiele slagkracht om zijn bod te verhogen. De analist suggereert een bod van 500 pence tegen een eerder bod van 450 pence. CSN bood 475 pence per aandeel. Midkap-fonds Corus sloot vrijdag op EUR7,31. (RKU)
    
    
15. [verwijderd] 20 november 2006 10:53

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    Tata Steel may raise its offer for Corus to 490-500p per share - analyts
    MUMBAI (AFX) - Tata Steel Ltd may raise its offer to acquire Corus Group PLC in the light of Brazil's Cia Siderurgica Nacional (CSN) putting in a higher bid of up to 490-500 pence per share, analysts said.
    
    On Friday, CSN announced it had made a informal bid approach to the Anglo-Dutch steelmaker at 475 pence per share. Last month, Tata Steel made an offer to acquire Corus at 455 pence per share.
    
    Indian analysts were broadly of the view that Corus could favour Tata Steel rather than CSN because the Brazilian group made a failed attempt to buy Corus in 2001.
    
    However, CSN has a stake of about 42 pc in the Latin American iron ore miner Cia Vale do Rio Doce which could give Corus access to low cost iron ore. That may tip the balance in favour of the Brazilians, they said.
    
    Rahul Singhvi, research analyst at K R Choksey Shares Pvt Ltd, said that although Tata Steel's financials would see a strain in the short-term if it raises its offer, the long-term outlook for the company would be positive.
    
    'Tata Steel's debt-equity ratio if it went ahead with the 455 pence per share offer would be 3:1. If they raise the offer the financials would be further strained,' Singhvi said.
    
    Tata Steel officials declined to comment.
    
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16. [verwijderd] 20 november 2006 10:54

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    MUMBAI (Reuters) - India's Tata Steel (TISC.BO: Quote, Profile, Research) is expected to raise its $8 billion takeover offer for Anglo-Dutch steel-maker Corus Group Plc (CS.L: Quote, Profile, Research) (CS.AS: Quote, Profile, Research) to fend off a rival bid, analysts said, as the steel-maker's shares fell to four-month lows.
    
    Brazil's Companhia Siderurgica Nacional (CSN) (SID.N: Quote, Profile, Research), which made a failed bid for Corus in 2002, offered 475 pence per share for the company on Friday, topping Tata Steel's offer by 20 pence. Corus has yet to respond to CSN's offer.
    
    Corus shares have already zoomed past the CSN bid, trading at 498 pence in early London trading on Monday -- 9.5 percent above Tata's offer.
    
    Shares in Tata Steel Ltd, India's largest private steel-maker, fell as much as 3.6 percent as investors worried the steel maker would overpay in a bidding war.
    
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    "We think it unlikely that Tata Steel will walk away from Corus after investing so much time and effort in the process," said Kotak Institutional Research in a note.
    
    "(But) Corus will likely find it difficult to continue to back Tata Steel unless the latter revises its bid upward."
    
    Indian newspapers reported that top executives of Tata Steel were expected meet in Mumbai on Monday after CSN's $8 billion counter offer, but a Tata spokesman declined to comment.
    
    Analysts said Tata Steel could win a takeover battle if it matched CSN's bid, given Corus management had approved the Indian firm's bid last month.
    
    "They will probably need to up the price," said R. Sreesankar, head of research at IL&FS Investsmart. "It is an arranged takeover of Corus, and we don't know Corus's attitude towards CSN." Continued...
    
    © Reuters 2006. All Rights Reserved.
    
    
17. [verwijderd] 20 november 2006 11:06

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    Nieuw bod in de maak.
    
    UPDATE 1-Tata Steel shares fall after CSN tops bid for Corus
    
    Mon Nov 20, 2006 12:46am ET
    Market View
    TISC (Tata Steel BSE )
    Last: રૂ 463.50
    Change: -12.45 (-2.62%)
    Revenue (ttm): રૂ 2,03,990.9M
    EPS: 67.62
    Market Cap: રૂ 2,63,105.80M
    Time: 4:46am ET
    
    
    
    Stock Details
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    (Adds analyst comment, background)
    
    MUMBAI, Nov 20 (Reuters) - Shares in Tata Steel Ltd. (TISC.BO: Quote, Profile, Research), India's largest private sector steel-maker, fell as much as 3.6 percent to four-month lows on Monday after its offer to buy Anglo-Dutch steel-maker Corus Group Plc (CS.L: Quote, Profile, Research) (CS.AS: Quote, Profile, Research) was topped by a rival.
    
    Indian newspapers reported that top executives of Tata Steel were expected meet in Mumbai after Brazil's Companhia Siderurgica Nacional (CSN) (SID.N: Quote, Profile, Research) made an $8 billion counter-offer for Corus on Friday, but a Tata spokesman declined to comment.
    
    "We don't have anything to say at this point of time," he said.
    
    .
    
    Full coverage
    Analysts said Tata Steel still had a better chance of winning the takeover even if it only matched CSN's higher bid of 475 pence per share, given Corus management had approved the Indian firm's bid.
    
    CSN's offer tops Tata Steel's by 20 pence per share.
    
    "They (Tata Steel) will probably need to up the price," said R. Sreesankar, head of research at IL&FS Investsmart. "It is an arranged takeover of Corus, and we don't know Corus's attitude towards CSN."
    
    The Anglo-Dutch steel maker is yet to respond to the bid by the Brazilian firm, which failed in an earlier attempt to buy Corus in 2002.
    
    In the first hour of trade on Monday, Tata Steel shares fell as much as 3.6 percent to a four-month low of 459 rupees, leading the main stock index <.BSESN> down.
    
    The company's shares fell each day last week, even as the main index hit successive record highs, and at its early low was 11.9 percent down the high of 521 rupees on Oct. 20, the day Corus approved Tata Steel's takeover bid.
    
    Traders said Tata Steel's stock price could remain under pressure for some time as speculators betting on a successful bid for Corus could trim their positions.
    
    mvrgr jo jo
    
18. [verwijderd] 20 november 2006 11:06

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    AMSTERDAM (Dow Jones)--Het Indiase staalbedrijf Tata Steel is bereid zijn bod op Corus te verhogen, aldus een analist van een buitenlands beleggingshuis. "Als het bedrijf slagvaardig en strijdlustig is, dan zal het concern een veel hoger bod uitbrengen", aldus deze analist. "Het Braziliaanse CSN, dat vrijdag een hoger bod uitbracht dan Tata, is beter toegerust, omdat zij over grondstoffen beschikken die Corus niet heeft, hetgeen de aanleiding is voor de verkoop van Corus", voegt hij toe. Tata heeft daarentegen de financiele slagkracht om zijn bod te verhogen. De analist suggereert een bod van 500 pence tegen een eerder bod van 450 pence. CSN bood 475 pence per aandeel. Midkap-fonds Corus sloot vrijdag op EUR7,31. (RKU)
    
    Dow Jones Nieuwsdienst: +31 20 5890270, amsterdam@dowjones.com
    
    
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    November 20, 2006 01:41 ET (06:41 GMT)
    
    Copyright (c) 2006 Dow Jones & Company, Inc.
    
19. [verwijderd] 20 november 2006 11:07

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    AFX News Limited
    Tata Steel may raise its offer for Corus to 490-500p per share - analysts
    11.20.2006, 04:16 AM
    
    
    
    
    MUMBAI (AFX) - Tata Steel Ltd may raise its offer to acquire Corus Group PLC in the light of Brazil's Cia Siderurgica Nacional (CSN) putting in a higher bid of up to 490-500 pence per share, analysts said.
    
    On Friday, CSN announced it had made a informal bid approach to the Anglo-Dutch steelmaker at 475 pence per share. Last month, Tata Steel made an offer to acquire Corus at 455 pence per share.
    
    Indian analysts were broadly of the view that Corus could favour Tata Steel rather than CSN because the Brazilian group made a failed attempt to buy Corus in 2001.
    
    However, CSN has a stake of about 42 pc in the Latin American iron ore miner Cia Vale do Rio Doce which could give Corus access to low cost iron ore. That may tip the balance in favour of the Brazilians, they said.
    
    Rahul Singhvi, research analyst at K R Choksey Shares Pvt Ltd, said that although Tata Steel's financials would see a strain in the short-term if it raises its offer, the long-term outlook for the company would be positive.
    
    'Tata Steel's debt-equity ratio if it went ahead with the 455 pence per share offer would be 3:1. If they raise the offer the financials would be further strained,' Singhvi said.
    
    Tata Steel officials declined to comment.
    
    
20. [verwijderd] 20 november 2006 12:16

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    RTRS-'Tata Steel zal bod op Corus verhogen'
    MUMBAI/LONDEN (ANP) - Het Indiase staalconcern Tata Steel
    gaat zijn bod van 4,3 miljard pond (6,4 miljard euro) op
    branchegenoot Corus verhogen. Op die manier reageert het concern
    op een rivaliserend bod van het Braziliaanse CSN. Dat is de
    verwachting onder analisten en beleggers.
    
    De flinke koerswinst die het aandeel Corus afgelopen vrijdag
    boekte (plus 5 procent) werd maandagochtend vastgehouden. Dit
    duidt erop dat beleggers op de beurzen in Amsterdam en Londen,
    waar Corus een notering heeft, zich opmaken voor een heuse
    biedingenstrijd om het Brits-Nederlandse staalconcern.
    
    Het Braziliaanse staalbedrijf CSN kwam vrijdagmiddag met een
    rivaliserend bod op Corus van 475 pence per aandeel, 20 pence
    hoger dan dat van Tata. Het betreft een voorlopig bod en is
    onder voorbehoud van onder meer financiering en steun van het
    Corus-bestuur. In oktober boden de Indiërs 455 pence per aandeel
    Corus. Corus is inmiddels akkoord gegaan met dit bod.
    
    ((ANP Redactie Economie, email economie(at)anp.nl, +31 20
    504 5999))