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LONDON - Tata Steel raised its offer for Corus Group, Britain's largest steelmaker, to £4.7 billion ($13.36 billion), to counter a possible bid by Brazil's Cia Siderurgica Nacional.
Tata raised its offer 10 per cent to 500p a share in cash, the Mumbai-based company said.
That's 5 per cent more than the 475p CSN said on November 17 it was prepared to offer.
Corus is recommending the new Tata bid to shareholders.
CSN and Tata both want to buy London-based Corus to add mills in Europe that supply car-makers and to boost their bargaining power with raw-material suppliers.
Corus shares have traded as high as 507.75p, signalling investors may expect a higher offer.
- BLOOMBERG
