Corus profits up amid takeover rumours


Corus profits up amid takeover rumours
Corus has announced that profits have increased and net debt has been reduced amid rumours of a takeover bid by Brazilian steel giant Companhia Siderurgica Nacional (CSN).

Presenting its' third quarter results, metal manufacturer Corus said that profit after tax had risen by £60 million to £142 million.

Additionally, Corus revealed that net debt had fallen by £518m to £881m. Shareholders have also benefited, with earnings per share improved to 15.7 pence compared to 9.09 pence in the second quarter.

Commenting on the results, Philippe Varin, Corus chief executive officer, said: "As expected, our financial performance has improved in the third quarter through a combination of better market conditions and further benefits from our restoring success programme that is now drawing to a conclusion."

The results come amid speculation of a takeover bid by CSN who made a cash offer of 475 pence per ordinary Corus share. However, since the suggestion was made on November 17th, the company has not returned with a firm offer.

Corus' takeovers and mergers panel has not yet set a deadline for CSN's possible offer.

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