EU clears Brazilian takeover bid for Corus

Brazilian steelmaker CSN won EU regulatory approval to buy Corus Group PLC today, as it battles India’s Tata Steel to win control of the British company.

Last month, Companhia Siderurgica Nacional SA (CSN) made a €7.4bn bid for Corus that topped a sweetened offer by Tata Steel of India.

British takeover regulators have set a Tuesday deadline for both companies to come forward with new offers.

The European Commission said a CSN takeover of Corus would not damage competition in Europe because the two companies have only a limited overlap.