The UK Takeover Panel set January 30 as the deadline for Tata Steel and CSN to submit their revised bids for steel maker Corus. The Panel further indicated that the auction procedure would be initiated, if the competitive situation continues.

The panel, in a regulatory filing with the London Stock Exchange, said that each of the parties had accepted this ruling.

In case an auction procedure is to be implemented, the Panel Executive will make an announcement to this effect at the appropriate time, it said, adding that the Panel would determine terms of the auction.

Posted: 01|2|07 at 9:50 am. Filed under: UK News.