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Corus delays Tata decision after Brazilian takeover bid


CORUS has given Brazilian firm Companhia Siderurgica Nacional more time to firm up its offer for the company as a tug-of-war over future ownership of the steelmaking giant continues.

The Anglo-Dutch producer has postponed an emergency general meeting of shareholders it had called for next week to decide on whether to accept a 455p-per-share offer made by Indian company Tata Steel in order to allow CSN to put up a formal offer in its counter bid for the company.

CSN has trumped Tata's bid with an informal offer of 475p per share and Corus bosses want to wait and see if it follows up with a concrete offer before committing to a deal.

The Corus board has recommended its shareholders accept the Tata deal but the EGM will now be held on December 20.