Large shareholders of Anglo-Dutch steel firm Corus are fast selling the company’s shares in the open market — indicating dimming chances of any counter-bid against the Tata’s $10-billion offer.

Three institutional investors — Alliance Bernstein, Barclays and Jupiter Asset Management — have sold their shares in Corus in order to book profits as the current Corus share price is ruling above the Tata offer price of 455 pence, statistics with London Stock Exchange show.

The fourth-largest shareholder of Corus, Alliance, has sold 28 million shares since October 6, thus reducing its stake to just 0.9 per cent from 5.2 per cent. Barclays Plc, the company’s second largest shareholder after Standard Life, has cut its holding to 4.7 per cent from 6.4 per cent by selling 15.3 million shares. Aviva exited Corus on Wednesday.

“The institutional investors are exiting at higher share price as they are getting less indications of a counter-bid. This could be good news for Tatas,” said a Mumbai steel analyst. On Wednesday, Corus was trading in the 461-466 pence range against yesterday’s close of 465.75 pence a share. Tata Steel on the other hand was trading at Rs 493.85, down 0.7 per cent in a bearish Mumbai stock market.

Regulatory filings with London Stock Exchange show that on Wednesday ABN Amro, an advisor to the Tatas, bought Corus shares. But the Tatas clarified that they have not mandated ABN Amro to buy shares.

The Tata group — which made the $10 billion bid on Corus — refused to comment on the regulatory filings by Corus investors. But data shows that Corus Group shares have dropped 2.7 per cent since October 20 when the Tata group announced its bid. Standard Life is still holding on to its shares.

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