Brazilian steel group CSN is reported to be preparing to trump India’s Tata Steel and make a rival takeover bid for Anglo-Dutch firm Corus.

CSN has appointed investment bank Lazards to advise it on launching a counter offer, says the Sunday Times.

It further claims German’s steel group Thyssenkrupp may also interested in beating Tata’s £4.3bn ($8.1bn) offer.

Tata’s bid was formally accepted by the Corus board on Friday morning but still needs Corus shareholder backing.

Posted: 10|22|06 at 12:25 pm. Filed under: UK News.