Corus profits up amid takeover rumours

29-11-2006

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.


Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure