In a rare development, the UK Takeover Panel is putting the Corus deal on the fast track by planning to auction Anglo-Dutch steel company Corus to the two rival suitors, Tata Steel and Brazil's Companhia Siderurgica Nacional.

A source familiar with the takeover battle said the panel, which was the monitoring authority on mergers and acquisitions in the UK, might consult Corus, Tata Steel and CSN to decide on an auction date to avoid a drawn-out battle.

The panel may also decide on a sealed process where bidders' offers are final, or a standard auction held over a period of days.

When contacted, the Corus spokesperson said all parties were continuing their dialogue with the takeover panel. A CSN spokesperson said the company would not comment in advance of the takeover panel making an announcement. The Tata Steel spokesperson offered no comments on the issue.