Brazilian steelmaker CSN offered Monday to buy the Anglo-Dutch Corus Group for £4.9 billion ($9.6 billion) in cash, trumping a bid made only hours earlier by
India's
Tata Steel.
CSN said it would pay 515 pence for each Corus share, topping
Tata Steel's offer of 500 pence.
Tata Steel said it was considering its position following the CSN offer.
A Corus takeover would allow CSN to boost its capacity and tap into more lucrative markets in
Europe, where Corus'
distribution network is well established.