Brazil’s CSN tops Tata Steel bid for Corus for 515 pence

Brazilian steelmaker CSN said on it had agreed to buy Anglo-Dutch rival Corus for 4.9 billion pounds, trumping an offer from India’s Tata Steel announced only hours before.

Companhia Siderurgica Nacional said it would pay 515 pence a share in cash for each Corus share, topping Tata Steel’s offer of 500 pence a share.

Corus shares leapt more than 5 percent to a new high of 527 pence on hopes the bid battle would yield an even higher offer.

Tata Steel, which kick-started the battle with a 455-pence-a-share offer, said it was considering its position.

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