CSN Raises The Stakes

CSN Raises The Stakes

Brazil

Brazilian steel producer CSN has raised its offer for British steelmaker Corus to $9.6 billion (515 pence per ordinary share) in cash after Indian producer Tata raised the stakes to beat CSN's first bid of $8 billion (475 pence per ordinary share). Tata offered 500 pence per share Monday, sweetening the bid it made last month of 455 pence per share. Lazard is lead financial adviser to CSN, while Goldman Sachs is financial adviser and joint broker, and UBS is joint broker. Credit Suisse, JPMorgan

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