CSN trumps Tata Steel with $9.57-billion bid for Corus

Dec 11, 2006 | 02:25 PM |

Cia. Siderurgica Nacional's bid of £5.15 ($10.08) per share for Corus Group Plc has been approved by the Anglo-Dutch steelmaker. The high bid came on the heels of rival Tata Steel Ltd. lifting its offer for Corus to £5 ($9.79) a share.

CSN's cash offer, which values Corus at £4.9 billion ($9.57 billion), is 3 percent higher than Tata's revised bid Sunday, which the board of Corus also had approved.

"This offer is both higher than the initial proposal by CSN (an informal offer of £4.75 per share) as well as the revised Tata offer of £5 per share," Jim Leng, Corus' chairman, said in a joint statement with Rio de Janeiro-based CSN. "It is also consistent with our strategic objective of securing access to raw materials, low-cost production and growth markets."....

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