CSN trumps Tata Steel's improved offer, valuing shares at 515p
Brazil’s CSN appears to have won the battle for Corus with the board approving a 515p per share valuing the Anglo-Dutch group at £4.9bn.
The announcement came just hours after Tata Steel increased its offer for Corus by 10% valuing the steelmaker at £4.7bn overnight.
India’s Tata Steel made an original £4.1bn bid for Corus in October but it was thought that this would be trumped by Brazil’s CSN which approached Corus with a £4.3bn offer or 475p per share.
Tata Steel has said it is considering its position.