Anglo-Dutch steelmaker has postponed a shareholder meeting for a second time to consider a counter bid from Brazilian rival CSN to India’s Tata Steel.
Having cancelled a meeting on 4 December to allow Companhia Siderurgica Nacional (CSN) to make a formal bid, the adjournment of the 20 December EGM, announced this, may give Tata time to rally a better offer.
The £4.9-billion CSN offer improves on Tata’s offer of 500 pence a share by 15 pence more. Originally offering 455 pence a share, Tata was said to be considering its position as its share price slipped under domestic questions that it may overpay in a bidding war.
Corus shares leapt 5% on the other hand, as a take over by either suitor would make up the world's fifth biggest steelmaker as companies expand their global reach for raw materials. Mittal Arcelor, the world’s biggest steelmaker was created earlier this year when Dutch-based Mittal Steel bought Luxembourg's Arcelor.
But any potential new owner may have a challenge integrating the ageing mainframe systems of Corus, which has been in the throes of transitioning an SAP-driven modern IT infrastructure. As number 26 in current CIO UK 100 biggest IT users, Corus CIO Bruno Laquet told the magazine master data management was a key part of his work.
“We have global business process owners who are empowered to organise master data and drive the migration plans,” said Laquet at the time. “We can’t address it all at once, it will keep us busy for years.”
He also observed the market was very active and said: “Corus intends to play a big role, especially in the UK where the 2012 Olympics construction market will be very much steel driven.”