Clash of steel



THE BIDDING WAR between India’s Tata Steel and Brazil’s Companhia Siderugica Nacional (CSN) for Anglo-Dutch steelmaker Corus Group typifies the shifting balance of ownership between mature western economies and emerging markets. Less obviously, the takeover battle highlights the new, critical role played by pension trustees and their advisers in corporate finance.

Under the terms of its £4.1 billion offer to Corus shareholders, made on 20 October, 2006, Tata proposes to buy out shareholders and