Cia. Siderurgica Nacional of Brazil has exceeded Tata Motors' improved offer of 500 pence a share for Corus Group Plc. by 15 pence. On Friday, the Indian auto manufacturer raised its inital bid by about 10% to £4.7 billion ($9.18 billion) in an attempt to preempt CSN's unofficial offer of 475 pence. The intensity of the bidding war over the British steelmaker is an indication of the aggressive consolidation in the steel industry; Corus is one of the last available suppliers. CSN has indicated that it is the best partner since it owns some of the world's largest iron-ore mines , while Tata views Corus as a convenient supplier as the Indian automaker expands its operations into Europe. In London, Corus' shares rose 0.7% to 500 pence after Tata's improved offer.
• Sources: Bloomberg, Wall Street Journal, Marketwatch
• Related commentary: India's Auto Industry Attracting More Investment, Steel Industry Primer, Brazil's CSN Attempting to Steal Corus from Tata Steel
• Potentially impacted stocks and ETFs: Corus Group plc (CGA), Tata Motors (NYSE:TTM), Companhia Siderurgica Nacional (NYSE:SID) • ETFs: Market Vectors - Steel (NYSEARCA:SLX), SPDR Metals & Mining (NYSEARCA:XME)
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