Corus Terug naar discussie overzicht

Nachtelijk Take Over Panel Corus Leesvoer...

1. [verwijderd] 30 januari 2007 21:01

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   Voor de Corus-forumleden die maar niet kunnen slapen... ;)
   
   'The Code'..regels die gelden:
   www.thetakeoverpanel.org.uk/new/codes...
   
   De website van Take Over Panel:
   www.thetakeoverpanel.org.uk/new/
   
   Gr,
   
   MeTu
   
2. [verwijderd] 30 januari 2007 22:22

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   All eyes on Corus 'shoot-out' as Tata prepares to make history
   RASHMEE ROSHAN LALL
   [ 30 Jan, 2007 2201hrs ISTTIMES NEWS NETWORK ]
   
   
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   LONDON: Win or lose Anglo-Dutch steelmaker Corus, Tata Steel will make history anyway as it triggers only the third companies auction ever in the UK (later tonight) in an unprecedented, multi-round process that could see a deal at a presumed price of £ 5 billion.
   
   The auction of Corus (starting 4.30 pm local time) will be an arcane, closed-door affair, with Tata and its bullish Brazilian heavyweight rival Companhia Siderurgica Nacional (CSN) allowed a maximum nine-round contest that must conclude by 2.30 am on Wednesday.
   
   Advisors involved in the process described the extraordinary auction as "a shoot-out". Equity experts in the City, London's financial district predicted the auction would eventually peter out at the point of "who is more willing to overpay".
   
   Under rules drawn up by the Takeover and Mergers Panel, a staid independent body established in 1968 for exactly this purpose, the announcement of who gets to take the Anglo-Dutch bride home will be made at 3 am, which is thought to be the time best suited to stock exchange requirements in Mumbai, Sao Paulo and London.
   
   From its central London offices, Corus sources told TOI that despite a soaring share value ahead of the bidding war and a marked satisfaction at being heavily fancied, "it is business as usual".
   
   But Corus admitted to a rising "sense of excitement" as it waits to hear which of its BRIC (Brazil, Russia, India, China) suitors it will have as a partner in its desperate search for access to low-cost production in fast-growing markets.
   
   Informed observers said Corus stands to whichever way the bidding goes because both Tata and CSN offer distinct, if different benefits, taking the new merged entity into the big league as the world's fifth largest steelmaker. The auction would result in the latest deal in a wave of consolidation in the global steel industry since Lakshmi Mittal bought Luxembourg-based Arcelor to create the world's largest steel company.
   
   Tata, which continued to play its cards close to its chest just hours before the auction was officially to start, refused to confirm it had flown its mergers and acquisitions specialist Arun Gandhi into London for the fight of its life. It would only say Ratan Tata had stayed back in Mumbai.
   
   CSN sources said their team would probably work out of the offices of financial adviser Lazards. The Brazilian company's finance director Octavio Lazcano is in London. CSN big boss Benjamin Steinbruch is understood also to be in town to mastermind CSN's famously aggressive takeover tactics. In shadowboxing tactics described by at least one amused trader as "Mohammed Ali's float-like-a-butterfly-sting-like a bee boast", CSN has already said it planned to get Corus "whatever it takes".
   
   Corus shares closed at 560p on Monday night, their highest level for seven years and are expected to close slightly higher on Tuesday after reaching 563 p in mid-morning trade. The seven-year-old company was on the brink of collapse in 2001 but has since recovered, thanks to a corporate restructuring and the steep rise in world steel prices.
   
   Traders here said the high Corus share price reflected the fact that "Expectations are very high and people are talking about an auction price of 580 to 600 pence. But when you consider that the stock was at about 400 pence just four months ago, this makes the deal look expensive".
   
   CSN's 515p-a-share offer is currently the highest on the table for Corus and Tata was widely expected before the auction to make a 550p offer to fire the starting gun in the auction process.
   
   Unconfirmed reports suggest Tata could increase its current 500-pence-a-share bid to a peak of 580 p but steel experts here said Corus might eventually fall to the bidder prepared to shell out roughly 600 p.
   
   Each of the three players installed teams of executives and advisers in disparate offices around London, with telephone hotlines to the Panel. Panel officials relay the bids to each party with each side allowed up to a maximum of nine bids. After each round, the bidder with the lower offer must increase its next bid to at least 5p a share above the higher offer in the previous round. The auction could, however, end earlier than 2.30 am if one of the bidders drops out because in Ratan Tata's words, there is a limit to how much one overpays.
   
   On Tuesday, David Cumming, head of UK equities at Standard Life, which holds around 7.5 per cent of Corus shares, said the auction would be close. "It's a difficult one to call, I mean I would guess - and it's a straight guess - CSN have probably got a slightly better chance simply because the integration benefits will be greater for them but I know both are very keen on winning this," Cumming said, adding "It will be interesting to see what the price comes out at, I mean they started the bid at 455 and (I) guess ... 575p-plus could win it."
   
   But steel experts said improved prospects for the industry might result in the Corus sale reaching the 600 p mark. According to steel consultant Mike Mytton, "There are differences now in the steel market from when the process started and the present expectations anyway. People were rather gloomy about the steel market for 2007 back in October-November when the bidding process started, but they are much more optimistic now. So that gives some reason for a higher price."
   
   Added Patrick Flockhart, managing director of the trade paper Steel Business Briefing, "...Corus could be sold for round about £ 5.95 a share ... maybe six pounds a share on a rough and ready basis. So there is room for the bidding to go up from the current level."
   
   The Panel has set up auctions in three previous bid battles since a 2002 rule change that allowed this process to be employed in unresolved competitive takeover fights. But the auctions process has happened only twice before as one of the bidders in the third case dropped out before the start.
   
   Panel officials emphasized that its central objective is to ensure fair treatment for shareholders.
   
   Tuesday's unprecedented auction through the night has its roots in Tata Steel's original 455p-a-share offer for Corus in October, only to be forced to raise it to 500p after CSN made known it was mulling a bid of 475p. CSN won that round of the competition by raising its offer to 515p.
   
3. [verwijderd] 30 januari 2007 22:30

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   Stage set: Bidding to take place by e-mail
   SUDESHNA SEN
   
   TIMES NEWS NETWORK[ TUESDAY, JANUARY 30, 2007 09:30:47 PM]
   
   
   
   LONDON: As both bidders are set to hit the starting line of the Corus auction, the teams of top managements are getting set for the final round of the Corus auction. It's looking to be a tense night for many people including bankers and lawyers.
   
   According to the latest information available, CSN, represented by finance director Octavio Lazcano will be bidding from lazard's office in Stratton street in London's west end, along with their bankers from Lazard and Goldman Sachs.
   
   It is unlikely that Benjamin Steinbruch will be present. On the Tata end, the bidding will take place from the City offices of Tata's lawyers, Herbert Smith. Tatas will be represented by Arun Gandhi.
   
   It is anticipated that the Tatas will have one hour to submit their first bid, by e-mail. The bidding will take place by mail to the Takeover Panel, which will then let the other side and Corus know.
   
   According to reports, which could not be confirmed, Corus' chairman Jim Leng and CEO Philippe Varin will be monitoring the bidding from their offices in Millbank, Westminster
   
   
4. [verwijderd] 30 januari 2007 22:49

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   Corus Bids: Tata, CSN bidding enters 3rd round
   
   Our Bureau / Mumbai January 31, 2007
   
   
   
   The Tata-CSN bidding war has reached the third round. Details are awaited.
   
   Updated at 0130 hrs: Brazilian analysts are betting against CSN for the Corus takeover as they feel a successful bid will see the Rio de Janeiro based company's books incur heavy debt. According to a report on CNBC TV18, experts reckon the bid to range from 575 pence to 620 pence a share.
   
   Updated at 2300 hrs: Indian corporate giant Tata Steel and Brazil's Companhia Siderurgica Nacional (CSN) have entered the under wraps bidding war for Anglo Dutch steelmaker Corus group.
   
   The nine-round auction called by the UK Takeover Panel to decide the winner between the two suitors began at 1630 hrs GMT (2200 hrs IST) and would end the slugfest that has been on for three months.
   
   Both companies have been asked to send bids through email or fax by 0230 hrs GMT tomorrow.
   
   Tata Steel is bidding from the offices of its lawyers Herbert Smith in London, while CSN is bidding from its adviser Lazard's office. Arun Gandhi, head of M&A at Tata Sons, is representing the Tatas. It was learnt that Herbert Smith's London office had been video-linked to the Tata headquarters in Mumbai.
   
   Tata Steel had bid 500 pence a share (4.6 billion pounds) against CSN's 515 pence a share (4.9 billion pounds) last month, prompting the Takeover Panel to intervene and pick the winner through open bidding.
   
   Updated at 2200hrs : Bidding for Anglo-Dutch steelmaker Corus has begun which could drive the price for its acquisition as high as 5.2 billion pounds
   
   With both Tata Steel and CSN saying they are not withdrawing from the race, the bids are expected to last the full nine rounds.
   
   Under the terms of the auction set by the UK's Takeover Panel, CSN and Tata can submit new bids starting at 1630 hrs London time (2200 hrs IST) today. Any winner will be announced by 0300 hrs tomorrow. According to a Bloomberg report, the auction will resume at 1630 hrs tomorrow if no deal is completed initially.
   
   
5. [verwijderd] 30 januari 2007 23:10

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   heyyy is er al nieuws wat betreft het laatste bod????????
6. [verwijderd] 30 januari 2007 23:31

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   ewa sahbi 3de ronde minimaal 530pence maar de partij is nog niet afgelopen