The UK takeover panel has announced the rules that will govern the auction of Corus. The takeover panel has imposed a solution to end the deadlock between Tata Steel and Brazilian CSN in the battle for Corus, reports CNBC-TV18.

The auction will start at 4:30 pm on January 30, which is the deadline which had been set for the deal to be finalised. The auction procedure will consist of a maximum of nine rounds, comprising up to eight rounds, in which each offeror is able to lodge a fixed price bid in cash.

Posted: 01|27|07 at 10:31 am. Filed under: UK News.