|
Mumbai:
Financial services majors UBS AG and Goldman Sachs Group
Inc have acquired over 11 per cent stake in the Anglo-Dutch
steel major Corus even as Brazilian steel maker entered
a takeover battle with India's Tata Steel.
The
two firms are also advisors to CSN, which has started
the due diligence early this week and is expected to make
a formal bid at 475 pence per Corus share.
Companhia
Siderurgica Nacional chairman and chief executive Benjamin
Steinbruch told the Financial Times of London that
he would like to make an offer in under 10 days before
December 4 – the day Corus has convened an extraordinary
general meeting (EGM) for shareholders to approve the
takeover bid from Tata Steel.
CSN
said last week it was prepared to pay 475p a share against
Tata's offer of 455p a share for Corus.
UBS
AG, acting through its business group and legal entities,
has picked up 66.12 million shares of Corus Group, representing
7.36 per cent while Goldman Sachs Group Inc acquired 36.06
million shares, aggregating to four per cent stake, according
to information available on the Corus website.
CSN
already has acquired 3.8-per cent stake in Corus from
the open market. Together with the acquisition by the
banking groups, the combined holding in Corus now stands
at around 15.16 per cent.
However,
the takeover clause for launching an open offer may not
apply to them as they have picked up stakes separately.
Although
speculation of Tata Steel raising the offer to counter
CSN's bid was rife, the Indian steel major said in a statement
in Mumbai that it had not taken any decision at its board
meeting in the manner speculated (about raising its offer
for Corus) in the media.
"Tata
Steel is not making any other comments on this matter
and all media comments remain speculations," it said.
Tata
Steel had last month made an $8.1-billion takeover offer,
but after lying low CSN suddenly trumped the Tata offer
with a slightly higher non-binding offer of $8.3 billion
for Europe's second largest steel maker.
Tata Steel has played down reports of raising the price
saying the company had not taken any decision in the manner
being speculated.
"Tata
Steel has not taken any decision in the manner speculated
in the media at its scheduled board meeting held on November
23," the company said in a press statement.
Chairman
Ratan Tata and managing director B. Muthuraman refused
to comment as they emerged from the board meeting yesterday
at Bombay House, the group's headquarters in | 
