LONDON, Jan 27: Britain’s Takeover Panel said on Friday that India’s Tata Steel and Brazilian rival CSN must take part in an auction next week to decide the fate of the Anglo-Dutch steelmaker Corus.

The Takeover Panel said in a statement that the Corus auction would begin next Tuesday, January 30, while the winner would likely be declared on Wednesday or Thursday.

CSN and Tata, steel giants from two major emerging economic superpowers, are currently battling for Corus as they seek to gain ground on global market leader Arcelor Mittal.

The Takeover Panel said in a statement that the Corus auction would begin next Tuesday, January 30, while the winner would likely be declared on Wednesday or Thursday.

“On the basis that neither offeror has declared its offer final, such that either offer may be increased or otherwise revised, a competitive situation continues to exist,” the Panel said in a statement.—AFP