Tata Steel raises Corus bid to 500 pence/share

New Delhi, Dec 11: Tata Steel today raised its bid for Corus to 500 pence per share from the earlier 455 pence per share, as the Brazilian competitor CSN is expected to formally launch its bid valuing the Anglo-Dutch steel maker at the same amount.

The Tatas board has unianimously approved the revised bid, which values Corus at 9.2 billion dollars (4.7 billion pounds).

''The terms of the revised acquisition value the entire existing issued and to be issued share capital of Corus at about 4.7 billion pounds,'' a company statement said.

Tata Steel had on October 20 announced its plans to acquire Corus for 8.1 billion dollar to create the world's fifth largest steel manufacturer.

UNI