Corus confirms commitment to CSN deal

Corus confirms commitment to CSN deal

The Anglo-Dutch steel making giant Corus Group PLC has made an official statement and confirmed their commitment to the $4.3 billion takeover of Brazilian steel maker CSN, denying earlier reports about a possible “walking away scenario” from the agreement published by the Financial Times. A company spokesman quoted saying "We're committed the deal" today, which means despite the political and economical risks involved with Brazil, Corus is going to complete the takeover process. The spokesman also added that the company has been working on the legal documentation and the due diligence process, and that he was hoping that shareholders of both companies would approve the binding agreement once it is presented for their approval.