Tata closer to buying Corus

Dutch-Anglo steel group Corus has received a preliminary offer from Indian steel giant Tata which values the company at €6.1 bn. Corus told news agencies it was not certain that Tata would actually make an official bid.

The price of 455 pence per share is below the 475 pence Corus was trading at in London this afternoon. Earlier today, Indian paper Economic Times reported that Tata would bid €7.2 bn for Corus and said Corus had reacted positively.

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