News: Tata team told to go for the kill

(Agencies 30/01/2007) Mumbai - In the end, it boils down to a battle of nerves. Between Tata group chairman Ratan Tata’s grit and the flamboyance of Benjamin Steinbruch, chairman & CEO of Brazil’s Companhia Siderúrgica Nacional (CSN), even as their power-packed teams comprising merchant bankers, lawyers and consultants settle down for the nine-round bid for Anglo-Dutch steel group Corus on Tuesday. The battle royale for what could be the largest foreign acquisition (at anything between $9-13 billion) in Indian corporate history is set to start behind closed doors at 4.30 pm GMT (10 pm IST) at the headquarters of Britain’s Panel on Mergers & Takeovers at 10, Paternoster Square in Central London. The final outcome, however, will only be known by 3 am GMT (8.30 am IST) on Wednesday. Since it is mandatory for the bidders to increase their offer by a minimum of 5 pence every round, the minimum bid, if it runs through all nine rounds, would be at least 45 pence more, or 560 pence a share, against CSN’s last offer of 515 pence a share. Sources said the internal direction to the Tata team is to go for the kill. This is contrary to earlier speculations that the Tatas may be cautious beyond a point.