London, April 2007—Shearman & Sterling has advised Corus Group plc on its £6.7 billion recommended revised cash acquisition by Tata Steel following one of the most innovative bidding battles in history.

Tata Steel and Brazilian steel company Companhia Siderurgica Nacional (CSN) made competing offers for Corus Group and have broken new ground in UK takeover practice. It is believed to be the first time that two competing bidders have made simultaneous offers, both of which are structured as schemes of arrangement under Section 425 of the UK Companies Act 1985.

The Shearman & Sterling team was led by UK M&A partner Laurence Levy, who provided UK corporate advice, and included London-based US M&A partner Bonnie Greaves and associate Sean Skiffington who advised on US securities law issues, and associate Coleen O'Mara who advised on US employee benefits matters. Shearman & Sterling was also instructed on all competition aspects of the transaction.  The competition team was led by partner Matthew Readings in London, with associates Tom Bainbridge and George Milton; and in New York by partner Kenneth Prince with counsel Lisl Dunlop and associates James Menz and Kelly Karapetyan.