Tuesday, November 21, 2006

Brazilians join Corus bid battle

BRAZIL'S Companhia Siderurgica Nacional (CSN) is expected to make a firm offer for Corus Group of around £4.25bn within the next two weeks, said sources last night.

The move is expected to trigger a higher offer from Indian rival Tata Steel which has seen its offer for the Anglo-Dutch steelmaker topped by 20p.

Corus shares were trading yesterdayat 501p, above CSN's proposal to pay 475p, and way ahead of the 455p offered by Tata.

Analysts said Tata, Indian's largest private steel-maker, was unlikely to walk away from Corus after investing so much time and effort so far, but will probably have to increase its offer.

Link to icLiverpool - Brazilians join Corus bid battle

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