Corus postpones Dec 20 meeting to consider CSN offer

LONDON: Anglo-Dutch steelmaker Corus has postponed its extraordinary general meeting on December 20 to consider Brazilian company CSN's acquisition bid.

After the enhanced offer of Companhia Siderurgica Nacional, the Tata Steel said it was considering its position and "will make a further announcement in due course."

Commenting on the competitive bidding, Corus Chairman Jim Leng had said, "CSN's offer is consistent with our strategic objective of securing access to raw materials, low-cost production and growth markets. The combination of the two businesses will create a stronger platform from which to compete and grow in an increasingly global market".

The battle for takeover of Corus, which would make the new combined entity as the fifth largest steel player, has caught the eyeballs of bankers, investors and analysts almost in the same fashion when Mittal Steel acquired Arcelor for 35 billion dollars to become the world's largest steel producer.