Corus accepts Tata's takeover bid

Anglo-Dutch steelmaker Corus early today accepted a £4.3 billion ($8.1 billion) takeover bid from Indian steelmaker Tata Steel. If approved by Corus shareholders, the deal will create the world's fifth-largest steelmaker. However, certain analysts state that the formal announcement of the 455 pence per share terms today may cause a bidding war for Corus. Corus' shares, which have increased more than 50 percent this year amid takeover talks, reached 478-1/2 pence on Thursday. Sources report that potential suitors for Corus could include Russian steelmakers, Novolipetsk and Severstal, and Brazilian steel group Companhia Siderurgica Nacional (CSN).