In an overnight auction run by the U.K. takeover regulator, India-based Tata’s 608 pence-a-share bid edged out a final bid of 603 pence a share from Brazilian steelmaker Companhia Siderurgica Nacional (SID), or CSN.

The move establishes the world’s fifth-largest steel maker by output.

In a statement later Wednesday in London, Tata said it expects, subject to a number of factors, to complete payment to Corus shareholders by around the middle of March.

The Indian Finance Ministry said its government was prepared to assist Tata’s effort to complete the deal by assisting with regulatory clearances.

The timetable for the original bid was frozen when the proposed Corus/Tata tie-up became contested.

Corus said its board had unanimously recommended the deal.

In a telephone conference with reporters, Corus Chairman James Leng said the deal creates a “robust and strong platform” for growth in the global steel industry.

Posted: 01|31|07 at 3:13 pm. Filed under: UK News.