126022 Investors following Tata Steel. Share this News with them.
0
Like this story, share it with millions of investors on M3
CSN makes counter bid for Corus
There's a new twist to the race for Anglo-Dutch steel-maker Corus Group. Tata Steel has a competitor. Jumping into the fray is Brazilian steelmaker CSN or Companhia Siderurgica Nacional, reports CNBC-TV18.
CSN intends to finance the acquisition of Corus through a combination of existing financial resources and the proceeds of new debt facilities. The new debt will be underwritten by a bank syndicate comprising Barclays Bank PLC, Goldman Sachs Credit Partners and BNP Paribas.
'A combination of CSN and Corus would create a global powerhouse with market leading positions and exceptional distribution networks across both developed and emerging markets. With its vertically integrated structure and industry leading margins, the enlarged group would become a leader in the global steel industry, fully self-sufficient in iron ore and ideally positioned to take advantage of ongoing consolidation,' says Benjamin Steinbruch, Chairman and CEO, CSN on the counter bid.
Meanwhile Otavio De Garcia Lazcano, CFO, CSN says, 'We are pleased, with the strong backing that we have received for our proposal from a group of leading international banks to add to our own balance sheet, strength and cash generation capabilities. A major proportion of the new funding would be non-recourse to CSN.'
