New Delhi : Tata steel has some competition in its bid to acquire European company Corus.
On Friday, Brazilian steelmaker Companhia Siderurgica Nacional (CSN) informed the London Stock Exchange that it had made a takeover approach for Corus.
CSN has made a counter bid of 475 pence per share to acquire the company, that is 25 pence higher than Tata Steel's offer.
This means CSN is offering $8.4 billion versus Tata's offer of $8.1 billion.
The Indian company is now expected to take a legal view on the development, which has all set the stage for a takeover battle.
CSN says Corus will give it access to fast growing markets. The company already owns 3.8 per cent of ordinary share capital of Corus.
Tata Steel had earlier said it was expecting the deal to be through by mid-January.
This development comes just before Corus' upcoming EGM on December 4 where the company is to decide on the Tata Steel offer.
According to CSN, a Corus-CSN combine would create a top five global steel group with 24 million tons of annual steel production and by 2010, approximately 50 million tons of annual iron ore production.
The Tatas' proposed buyout of the British steel company was touted as the biggest overseas acquisition bid made by an Indian company.
(With inputs from agencies)
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