The UK Takeover Panel has set a deadline of January 30 for Tata Steel and CSN to make revised offers for steelmaker Corus, after which it will hold an auction in an almost-unprecedented move, as reported exclusively by Financial News this week.

"If a competitive situation continues to exist shortly before January 30 2007, pursuant to rule 32.5 of the code the panel executive may require any revised offers to be published in accordance with an auction procedure, the terms of which will be determined by the panel executive," said the panel in a statement this afternoon.