Corus Terug naar discussie overzicht

Reacties van Tata.

1. [verwijderd] 30 november 2006 10:41

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   geinig geschreven stuk:
   
   Tatas may make final Corus
   bid at 490-500p
   
   Ajoy K Das
   Wednesday, November 29, 2006 22:25 IST
   
   
   Top-level strategy group is working out fair value for Corus post Q3 results
   
   KOLKATA: The apparent calm and lack of sound bites from Bombay House, headquarters of the Tata group, in contrast to the hectic activity at the temporary London office of Companhia Siderurgica Nacional (CSN) of Brazil, may be deceptive.
   
   The Tatas are, in fact, using the postponement of the Corus Group’s meeting of shareholders from December 4 to 20 — primarily to give CSN time to make a formal bid — to make their own final assessment on what is a fair value for Corus shares, and how high they can bid without overstretching their resources.
   
   With Corus on Wednesday reporting a 63% rise in net profits in the third quarter, its future cash flows now look more attractive for prospective acquirers.
   
   A section in Bombay House now believes that a final offer in the range of 490-500 pence a share may just about do the trick. This will be about 10% higher than the original Tata bid of 455 pence a share (vs CSN’s indicative bid of 475 pence).
   
   Officially, Tata Steel maintains that all reports about the possibility of increasing its Corus offer are mere speculation. But sources close to the Tata top brass say that a top-level group comprising Tata Steel managing director B Muthuraman, and two Tata Sons executive directors, Alan Rosling and Ishaat Hussain, are working closely with group chairman Ratan Tata to figure out what the final bid should be.
   
   A source in Bombay House said a final offer in the range of 490-500 pence would not only reflect a fair value for Tata Steel, but it might also be enough to pip CSN at the post. The Corus scrip was trading around 498 pence at the London Stock Exchange (LSE) around midday on Wednesday soon after the company announced a sharp rise in third-quarter earnings.
   
   Corus’ profit before interest, tax, depreciation and amortisation (Ebitda) to £235 million from £193 million in the second quarter and £144 million in the corresponding quarter of last year. But the group’s nine-month earnings were still down from £782 million last year to £668 million this year.
   
   Despite the improved results, the Tatas believe they do not have to make a wildly higher bid because the Corus board has already agreed to a friendly bid once and - other things being equal - would do so again.
   
   Tata Steel officials involved in providing inputs to the top-level strategy team say that they are likely to enlarge their consortium of bankers, which currently includes ABN Amro and Deutsche Bank, once they take a final decision to raise the bid for Corus. Any sweetening of the offer price will involve leveraging the future earnings of Corus more, and this may call for the entry of another banker to spread the risks. A point mentioned in Tata Steel’s favour is its low debt-equity ratio of 32.86 compared to CSN’s 135.94.
   
   Corus’ improved results offer just the right backdrop against which the Tatas can seek greater leverage, since this indicates higher future cash flows.
   
   To be sure, any upward revision by Tata Steel of its Corus offer may trigger initial pressures on the scrip in India, but analysts feel that this will be short term. “I would go long on Tata Steel if the deal goes through. The Corus scrip has one of the highest price-earnings (PE) multiples (19) among all steel scrips in international markets. And it is only right that Tata Steel will have to pay a premium for that,” says Suresh Somani of Ratnabali Capital Markets Ltd.
   
   “Tata Steel is a good scrip for long term investment. You will always have to pay a premium for a good acquisition. It really does not matter how Tata Steel raises funds to pay for that premium. If the deal goes through, there will be sufficient future cash earnings to pay for that,” concludes Somani.
   
   Analysts say that if the Tatas were to raise the Corus offer from 455 pence a share to 500 pence, which could be a winning bid, any additional funds beyond the $ 8.1 billion that it has already tied up could easily come from a new bank. All Tata Steel has to do is convince them that it will at least maintain Corus’ vastly improved cash flows in the future to fund the debt.
   
   
   
2. [verwijderd] 30 november 2006 10:57

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   Leuk stukje Rob, aanbevolen.
   
   Hieronder een stukje over de resultaten van Corus. You know, restoring succes maar hoe zit het met: compatitive gap, corus way etc wordt de laatste tijd weinig gewag van gemaakt. Dat waren toch de steekwoorden waardoor ik vertrouwen had dat het goed kwam met Corus en zo geschiedde. Ik verwacht snel een verhoogd bod van Tata en anders een def. bod van CSN.
   
   Corus on track to meet £635m targetNov 30 2006
   
   By Iain Laing, The Journal
   
   
   Steelmaker Corus has revealed how it has benefited from higher selling prices as profits continued to climb towards the end of a three-year recovery programme.
   
   The group, which is currently a takeover target for India's Tata Steel and Brazil's CSN, said profits from continuing operations rose to £171m in the three months to September 30, compared with £75m a year earlier.
   
   Strong European demand meant selling prices rose 8% and offset the impact of a 2% rise in operating costs, mainly relating to raw materials.
   
   Chief executive Philippe Varin said the performance reflected better market conditions and benefits from the company's Restoring Success programme.
   
   The three-year overhaul is now drawing to a conclusion and the company, which employs 24,000 people in the UK, including 2,900 on Teesside, is on track to meet its target of earnings benefits of £635m a year by the end of the year.
   
   
   
3. 03har 30 november 2006 11:43

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   Met het on track zijn bedoeld vriend varin natuurlijk wel de BIJGESTELDE target, maar dit is een typische engelse management methode, doelstelling niet halen dan bijstellen.
   
   

   quote:

   cours schreef:

   Leuk stukje Rob, aanbevolen.
   
   Hieronder een stukje over de resultaten van Corus. You know, restoring succes maar hoe zit het met: compatitive gap, corus way etc wordt de laatste tijd weinig gewag van gemaakt. Dat waren toch de steekwoorden waardoor ik vertrouwen had dat het goed kwam met Corus en zo geschiedde. Ik verwacht snel een verhoogd bod van Tata en anders een def. bod van CSN.
   
   Corus on track to meet £635m targetNov 30 2006
   
   By Iain Laing, The Journal
   
   
   Steelmaker Corus has revealed how it has benefited from higher selling prices as profits continued to climb towards the end of a three-year recovery programme.
   
   The group, which is currently a takeover target for India's Tata Steel and Brazil's CSN, said profits from continuing operations rose to £171m in the three months to September 30, compared with £75m a year earlier.
   
   Strong European demand meant selling prices rose 8% and offset the impact of a 2% rise in operating costs, mainly relating to raw materials.
   
   Chief executive Philippe Varin said the performance reflected better market conditions and benefits from the company's Restoring Success programme.
   
   The three-year overhaul is now drawing to a conclusion and the company, which employs 24,000 people in the UK, including 2,900 on Teesside, is on track to meet its target of earnings benefits of £635m a year by the end of the year.
   
   
   
   

4. viermeiden 30 november 2006 13:03

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   L.s.,
   
   Amsterdam (BETTEN BEURSMEDIA NEWS) - Tata Steel wil niet reageren op het gerucht dat het zou overwegen een nieuw bod uit te brengen op Corus. De Indiase krant Daily News and Analysis (DNA) meldde woensavond op basis van een anonieme bron dat Tata mogelijk zijn prijs zal verhogen van 455 pence naar 490 tot 500 pence per aandeel. Een woordvoerder van Tata Steel wil hierop desgevraagd geen commentaar geven. 'Ik weet niet wie die bron is', aldus de zegsman tegenover Betten.
   
   Volgens de Indiase krant krijgt Tata Steel extra bedenktijd omdat de bijzondere aandeelhoudersvergadering van Corus, waarin de overname wordt behandeld, is uitgesteld tot 20 december.
   
   De vergadering werd uitgesteld nadat het Braziliaanse staalbedrijf CSN een indicatief bod uitbracht van 475 pence, onder voorwaarde van een boekenonderzoek. Corus heeft gezegd dat het aan dit boekenonderzoek wil meewerken, ook al werd het officiele bod van Tata Steel eerder al geaccepteerd.
   
   Volgens de bron van DNA zou een verhoogd bod een betere weerspiegeling zijn van de financiele situatie bij Corus. Het Brits-Nederlandse staalbedrijf maakte gisteren bekend dat het over het derde kwartaal van 2006 een winststijging heeft geboekt van 63% ten opzichte van het jaar ervoor.
   
   Zowel Tata Steel als CSN zal Corus na de overname met een flinke schuldpositie opzadelen. Ook daarover kwam gisteren gunstig nieuws van het Brits-Nederlandse bedrijf naar buiten. De nettoschuldpositie daalde in het afgelopen kwartaal met GBP 518 miljoen naar GBP 881 miljoen per eind juni 2006.
   
   Volgens DNA is de schuldpositie van het Braziliaanse staalbedrijf slechter dan die van Tata Steel, waardoor Tata Steel wat dat betreft een betere overnamepartij zou zijn. Daar staat tegenover dat CSN verwacht synergievoordelen te kunnen behalen door zelf gewonnen ijzererts te exporteren vanuit Brazilie naar de hoogovens van Corus.
   
   Voor Tata Steel is het veel moeilijker om erts te exporteren omdat Indiase regulering vereist dat ruwe grondstoffen niet onverwerkt geexporteerd mogen worden. Het staalbedrijf is over deze beperking op dit moment in gesprek met de Indiase autoreiten.
   
   (c) BETTEN BEURSMEDIA NEWS (tel: +31 20 710 1756; fax: +31 20 710 1875)
   
   viermeiden
5. Marco19 30 november 2006 13:08

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   Ami's aan het inslaan...
   
   RNS Number:9633M
   Mason Capital Management LLC
   29 November 2006
   
   
   FORM 8.3
   
   DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
   (Rule 8.3 of the Takeover Code)
   
   1. KEY INFORMATION
   
   Name of person dealing (Note 1) Mason Capital Management, LLC on
   behalf of discretionary clients
   
   Company dealt in Corus Group Plc
   
   Class of relevant security to which the 50p ordinary
   dealings being disclosed relate (Note 2)
   
   Date of dealing November 29, 2006
   
   
   2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
   
   (a) Interests and short positions (following dealing) in the class of relevant
   security dealt in (Note 3)
   
   Long Short
   Number (%) Number (%)
   (1) Relevant securities
   (2) Derivatives (other than options) 9,032,885 1.005%
   (3) Options and agreements to purchase/sell
   Total 9,032,885 1.005%
   
   (b) Interests and short positions in relevant securities of the company, other
   than the class dealt in (Note 3)
   
   Class of relevant security: Long Short
   Number (%) Number (%)
   (1) Relevant securities
   (2) Derivatives (other than options)
   (3) Options and agreements to purchase/sell
   Total
   
   (c) Rights to subscribe (Note 3)
   
   Class of relevant security: Details
   
   
   
   3. DEALINGS (Note 4)
   
   (a) Purchases and sales
   
   Purchase/sale Number of securities Price per unit (Note 5)
   
   
   (b) Derivatives transactions (other than options)
   
   Product Long/short (Note Number of securities (Note Price per unit (Note
   name, 6) 7) 5)
   e.g. CFD
   
   CFD Long 900,000 shares 5.0 GBP
   
   
   (c) Options transactions in respect of existing securities
   (i) Writing, selling, purchasing or varying
   
   Product Writing, Number of Exercise Type, e.g. Expiry Option
   name, selling, securities to American, money
   purchasing, which the option European
   varying relates (Note 7) etc.
   etc.
   e.g. price date paid/
   call received
   option per unit
   (Note 5)
   
   
   
   (ii) Exercising
   
   Product name, e.g. call Number of Exercise price per unit (Note
   option securities 5)
   
   (d) Other dealings (including new securities) (Note 4)
   
   Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
   
   
   
   4. OTHER INFORMATION
   
   Agreements, arrangements or understandings relating to options or derivatives
   
   Full details of any agreement, arrangement or understanding between the person
   disclosing and any other person relating to the voting rights of any relevant
   securities under any option referred to on this form or relating to the voting
   rights or future acquisition or disposal of any relevant securities to which any
   derivative referred to on this form is referenced. If none, this should be
   stated.
   
   
   Is a Supplemental Form 8 attached? (Note 9) NO
   
   Date of disclosure November 29, 2006
   
   Contact name John C. Grizzetti
   
   Telephone number (212) 771-1232
   
   If a connected EFM, name of offeree/offeror with which
   connected
   
   If a connected EFM, state nature of connection (Note 10)
   
   
   Notes
   
   The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
   www.thetakeoverpanel.org.uk
   
   
   This information is provided by RNS
   The company news service from the London Stock Exchange
   
   
6. [verwijderd] 2 december 2006 20:40

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   Tata-Corus, Mittal-Arcelor: What's the difference?
   
   With the chase for Corus still hot, CNBC-TV18 takes a look at how it compares with Mittal's acquisition of Arcelor.
   
   At the start of this year, Laxmi Mittal had a tough five months, which culminated in the marriage between Mittal Steel and Arcelor, which came at a price of USD 35 billion. For that, Mittal got steel make from some 45 million tonnes of crude steel.
   
   Now, looking at Corus' story, Steve Mackrell, Director-Operations, Iron & Steel Statistics Bureau says, “Now, we contrast that with Corus, where the price offered, USD 8 billion by Tata, USD 8.3 billion by CSN, but for that they will be getting 19 million tonnes of steel make.”
   
   Good value for money is one way to look at it. The other is to consider operating profit without tax, interest and other liabilities. Experts say that while Mittal valued Arcelor at 4.5 to 5 times operating profits, CSN values Corus higher.
   
   Steel Expert, Mike Mytton, says, “The CSN bid values the company at 5 to 5.5 times the same figure. So in terms of profits, the CSN bid is higher than the Mittal bid for Arcelor.”
   
   Either way, players are looking beyond short-term results. Analysts say it's about low-cost steel producers marrying for access to developed markets and picking up emerging markets, as well.
   
   In terms of cost of production, did Mittal pay too much for Arcelor, or is there headroom for the Corus bids to rise a good deal more?
   
   While that’s not so simple to work out, everyone is looking at long-term synergies and strategies here. But there comes a point when a strategy gets outpriced - and who doesn't want to know where that point is in this transaction?

   Bijlage:
7. [verwijderd] 11 december 2006 00:23

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   Mooi taartje Cours. Ga ik bewaren.
   
   Ik was er effe uit op 7,45 en morgen voor de gein weer wat oppikken.
   Vrijdag had ik wat vrijgemaakt.
   Stukje verlies Reeds Els. Niet zo heel veel. Duurde me te lang.
   De winnaars laat ik lekker doorsudderen.
   
   Artikeltje dat ik vond:
   
   HindustanTimes.com » Business » Story
   
   
   CSN gears for Corus, but trustees are key Tatas
   London, December 10, 2006
   
   A multi-million pound war for Anglo-Dutch steel maker Corus Group plc is expected following reports that the Brazilian steel maker CSN (Companiha Siderurgica Nacional) is putting the finishing touches to a £4.5 million bid to throw a spanner into Tata Steel's agreed £4 billion deal. The CSN bid is likely to be announced on Monday if the reported negotiations proceed well, industry officials say.
   
   However, a Corus insider was reluctant to say anything except "no comments at the moment" when asked by Hindustan Times if the Corus Board was holding a meeting on Sunday and whether CSN was ready to announce its bid on Monday.
   But it was clear from the talk with the Corus insider that "something" would happen in the next few days.
   
   CSN sources have hinted that their offer would be pitched at 475p a share, which will put the value of Corus at £5.1 billion, once debt is included. The Tata's offer is 455p. On Friday shares in Corus closed at 500p, above both offers.
   
   Tata Steel have had the advantage, so far, of having secured the recommendation of the Corus board. But then it is also true the shareholders' vote on the deal last week was delayed until December 20, apparently to give CSN more time.
   
   The city was abuzz with the speculation that the Corus board could withdraw its earlier recommendation for the Tata bid if a higher offer came from the Brazilians. The snag, however, is that no go-ahead is possible without the support of Corus's pension trustees.
   
   Until now, the Tatas have had the support of the trustees of the two main Corus schemes, which have assets and future liabilities worth substantially more than the value of the company. This was affirmed by a source who said the size of the pension scheme (with liabilities of £13 billion and 167,000 members) meant the trustees had the power to scupper the deal by refusing to recommend it to the UK pension regulator.
   
   Tata Steel agreed not only to make up the estimated £126 million deficit in Corus' smaller scheme but also to increase the company's rate of contributions to the larger scheme for three years.
   
   HT learnt that CSN has now been negotiating with the trustees for the past 10 days and that the trustees have put up some terms to be met before they can accept any recommendation from the Corus Board. CSN's discussions with the trustees are believed to be focusing on the amount of debt that CSN is taking on to fund the deal, and whether it will be able to make up the deficit if things go wrong in the future.
   
   Another report is that the Corus board would be willing to consider the CSN offer if it was an unconditional one. It is also possible that the board could consider the CSN offer even without the agreement from the trustees if the bid was for a higher sum, city sources said.
   
   Whether the Tatas would come out with a renewed bid is also under speculation. A Corus source said that a few days ago, the Tatas had said they could renew their offer. Ratan Tata is opposed to getting involved in contest bids, but in this case the company has put in a lot of time effort.
   
   Some also felt that a tie-up between the two companies, Tata and CSN, would make sense. CSN would be able to import high-quality, low-cost iron ore from Brazil to be processed at Corus plants. Their combination would create a top-five global steel group with 24 million tonnes of annual steel production.
   
   But these are speculative ideas. For the moment, the Tatas have a battle on their hands.
   
   
   
8. [verwijderd] 11 december 2006 00:29

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   Mijn idee: Twee honden moeten het been verdelen en gaan samenwerken (laatste stukje uit het artikel)
   
   Dan hebben ze alle voordelen tesamen.
   Ik weet alleen niet of de bedrijfsculturen/verschillen dit toelaten.
   
   Indien dit mogelijk is zit men gebakken.
   
   Mooie week toegewenst.
   
   Mvg Rob
9. [verwijderd] 12 januari 2007 16:54

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   Lijkt er op dat Tata geld verzameld,projecten stillegd om met Corus en Europa verder te gaan,hier heeft men het over 3 miljard,hebben ze weer mooi wat extra om Corus te kopen.
   
   Tatas stop Bangladesh project, but still keen
   Fri Jan 12, 2007 3:26 PM IST
   
   
   
   
   MORE
   
   NEW DELHI (Reuters) - India's Tata group, which has plans to invest $3 billion in Bangladesh, has stopped work on the project but is interested in resuming talks once a new government is in place in Dhaka, a senior company official said on Friday.
   
   The Tata group plan includes a steel plant with an annual production capacity of 2.4 million tonnes, a urea factory with a 1 million tonne capacity, a 500-megawatt coal-fired power station and a 1,000 megawatt gas-fired power plant.
   
   But talks between the salt-to-software Tata conglomerate and officials in Bangladesh stalled in February last year as they haggled over the price of natural gas to be used in the project, and amid political gridlock in the run up to elections.
   
   "We have suspended further development on the project," Alan Rosling, executive director of Tata Sons, the holding company of the Tata Group, said. "Still in principle we would like to pursue but (the project) has to make economic sense.
   
   "When there is somebody who would like to talk to us they know where we are."
   
   Tata's plans had met with widespread public approval in Bangladesh despite the two countries' sometimes strained ties as they would generate much-needed jobs and power in the impoverished nation.
   
   Uncertainty now hangs over when any new talks may begin as elections due to be held on Jan. 22 have been postponed after a state of emergency was imposed for the first time in 30 years, and the president quit as head of the interim government.
   
   In April last year, the Tata group offered to increase its planned investment from an earlier $2.5 billion.
   
   It also said it would set aside a 10 percent stake in local business for the Bangladesh government and list the concerns on the Dhaka stock exchange.
   
   The projects would have amounted to the largest single foreign investment ever made in Bangladesh and would equal the total the country has received since 1972.
   
   In April, Tata upped its gas offer to $3.10 per thousand cubic feet of gas, said it would set up two hospitals and two training centres for employees and asked for a 10-year tax holiday for the steel and coal projects.
   
   The investment was expected to help attempts by New Delhi and Dhaka to boost bilateral ties that have in recent years been hurt by frequent border clashes, charges of militants being sheltered by each side and a trade imbalance.
   
   Bangladesh's impoverished western region looked set to be a big beneficiary.
   
   Rosling said the deal would have boosted Bangladesh's GDP by about 1.8 percent annually and improved its balance of payments, besides creating jobs for 25,000 people and helping reduce to some extent migration to India of people in search of work.
   
   mvrgr jo jo
10. [verwijderd] 12 januari 2007 17:18

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    Hoewel ik vandaag meer direct Corus/Tata/CSN nieuws verwacht, vrijdag is nog niet voorbij ook in India niet, geeft dit stuk inderdaad te denken, zoals JoJo in de aanhef al aangeeft.
    
    mg,
    RPT