CSN trumps Tata Steel's improved offer, valuing shares at 515p

Brazil鈥檚 CSN appears to have won the battle for Corus with the board approving a 515p per share valuing the Anglo-Dutch group at 拢4.9bn.

The announcement came just hours after Tata Steel increased its offer for Corus by 10% valuing the steelmaker at 拢4.7bn overnight.

India鈥檚 Tata Steel made an original 拢4.1bn bid for Corus in October but it was thought that this would be trumped by Brazil鈥檚 CSN which approached Corus with a 拢4.3bn offer or 475p per share.

Tata Steel has said it is considering its position.