In a surprise development on Friday, Brazilian steelmaker Companhia Siderurgica Nacional CSN put forward a competing bid for Corus Steel UK. The CSN bid at ú4.75 $9 per share, represents an equity value of Corus of ú4.5 billion, topping Tata Steel's agreed offer of ú4.55 per share which represented an equity value of ú4.3 billion. CSN's offer is subject to confirmatory due diligence which Tata Steel has already completed.
CSN built up a 3.8% stake in Corus prior to launching its offer.
Benjamin Steinbruch, CSN chairman and chief executive said A combination of CSN and Corus would create a global powerhouse with market-leading positions and exceptional distribution networks across both developed and emerging...
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