Corus Terug naar discussie overzicht

Het verloop van de veiling - 602p.!

1. [verwijderd] 31 januari 2007 08:59

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   Misschien wel handig om hier even wat berichten over het verloop van de veiling (onder de naam Project England met als gegadigden Truro en Cardiff) neer te zetten.
   
   Tata wins Corus with £6.7bn bid after battle goes to wire
   Siobhan Kennedy and Christine Buckley
   
   
   
   Tata of India today clinched a deal to buy Britain’s Corus for £6.7 billion, beating CSN in a fast-paced auction to create the world’s fifth largest steelmaker.
   The company emerged victorious in the early hours of this morning with a bid of 608p a share, topping a 603p a share offer from Brazil’s Companhia Siderurgica Nacional (CSN), after an unprecedented nine rounds of bidding overseen by the UK’s Takeover Panel. The £6.7 billion deal includes £500 million of debt.
   
   
   
   The auction ends the search for a partner for Corus which began in October 2005 when the company’s share price was languishing at about 300p a share. “Its an amazing result . . . I don’t know how they can justify paying that price,” said one banker who was at the auction, which finished at about 12.30am.
   
   A source close to Tata said: “Tata was able to pay such a high price given Tata Steel’s recent bumper results, reported on Tuesday, which showed a 28 per cent rise in net profit on the previous year.
   
   “So that put a spring in their step and the outlook for steel is for another bumper year, which will drive up the valuation multiples.”
   
   The steel industry has been under increasing pressure to consolidate after the takeover of the European group Arcelor by Mittal last year and amid growing consolidation in the industries that steel serves.
   
   The Takeover Panel took the unusual step of calling an auction to bring the protracted bid battle to an orderly conclusion since neither Tata nor CSN had walked away. The auction started at 4.30pm yesterday, with the bidders given an hour to trump each other’s offer by a minimum of 5p or walk away.
   
   Tata’s contingent, led by the group’s head of mergers & acquisitions, Arun Gandhi, bid from the offices of the company’s lawyers, Herbert Smith, with advisers NM Rothschild, Deutsche Bank and ABN AMRO.
   
   CSN’s team was led by its chief financial officer, Octavio Lazcano, who was based with the company’s advisers and lawyers, Lazard, Goldman Sachs and McFarlanes, at Lazard’s offices in the West End of London. Corus’s chairman, Jim Leng, and the chief executive, Philippe Varin, worked at the offices of Slaughter and May, the group’s law firm, throughout the auction.
   
   Although the ultimate fate of Corus was decided over the course of one night, the process to find a suitor started much earlier, in October 2005, when its bankers, Credit Suisse, set up “Project England”, the code-name for the potential sale.
   
   Every possible buyer was given a secret name — Tata was Truro and CSN was nicknamed Cardiff — and bankers met in far-flung locations for months with potential suitors. But while many rivals came forward, including CSN, none liked Corus enough to pursue an acquisition.
   
   In the end, India’s Tata emerged as the only serious partner and a deal was announced almost a year later, on October 20 last year, valuing Corus at 415p a share. But just weeks later CSN threw its hat in the ring, launching a bidding battle that culminated in CSN’s agreed 515p offer, valuing Corus at £4.9 billion, on December 11.
   
   The search for a partner was the last stage in a three-year recovery plan mapped out by Mr Varin, who was brought in four years ago from Pechiney, the aluminium producer.
   
   bron: The Times
   
   
   
2. [verwijderd] 31 januari 2007 09:07

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   Oh, foutje. Titel moet natuurlijk 608p. zijn...
3. [verwijderd] 31 januari 2007 09:45

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   Er is al een draadje over het eind bod!