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1. jazzy ed1 18 december 2006 08:56

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   •    jazzy ed1

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   LONDON (Thomson IM) - The UK Takeover Panel is planning a rare intervention in the battle for steel company Corus Group PLC by arranging a two-way auction, a step it has taken only three times in its history, the Financial News reported.
   
   Indian group Tata Steel Ltd has lodged a formal bid worth 4.7 bln stg, while Brazlian rival Companhia Siderurgica Nacional's (CSN) offer of 4.9 bln stg would only kick in if Tata's bid was rejected.
   
   The Takeover Panel was set to intervene because both bids were being made using a scheme of arrangement that required High Court approval and was not tied to the 60-day deadline stipulated by the panel for takeovers, Financial News said, citing unidentified sources.
   
   The terms of CSN's pre-conditional offer would remain valid until July 20, 2007, resulting in a long period of uncertainty for Corus and its shareholders, the magazine said.
   
   By John Coppock; 44-(0) 207 422 4835; john.coppock@afxnews.com
   
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