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Corus battle not over yet

NEWS

STEEL producers in South America and Eastern Europe continue to eye Anglo-Dutch producer Corus, despite its board accepting a £4.3 billion bid from Tata Steel.

Analysts are convinced a higher counter-offer from Brazilian steel makers CSN and Gerdau or Russian giant Severstal will top the current 455p per share offer from Tata.

But industry insiders said the board's decision to recommend the offer was influenced by the package offered by Tata.

They said its recognition of the strength of its UK management structure and the contributions to employee pension pots, alongside the 26.2 per cent premium on Corus shares, made the package attractive.