Proposed offer from Tata Steel would value UK-based steel firm at £5.4bn

Steel giant Corus has confirmed its has received a takeover approach from India’s Tata Steel ending weeks of speculation.

In a statement to the stock market today, Corus said it has received a proposal regarding a possible recommended offer with a value of 455p per share in cash.

The offer values the company at £5.4bn. However, there is no certainty that a final offer would be made, the company said.

Corus’ shares were trading at 478p per share this afternoon