BRAZILIAN steel group CSN was yesterday said to be preparing to trump the £4.3 billion (€6.4bn) takeover of Corus by Indian rival Tata Steel.

Thousands of UK steel workers were seeking assurances over their jobs tonight after the Corus group agreed to a £4.3bn (€6.42bn) takeover by Indian rival Tata Steel.

British steel maker Corus agreed to a £4.3bn (€6.4) takeover by Indian rival Tata Steel today – ending the UK company’s year-long search for a partner.

Takeover talk involving two high-profile stocks kept investors from fretting today over the prospect of higher interest rates in the United States.

Takeover speculation drove the London market today as attention switched to the possibility of deals for music group EMI and steel giant Corus.

Corus shares leapt by as much as 6% on the London stock exchange today as investors bet that the Anglo Dutch group will be the next steel company in line for a takeover.

Mittal Steel was today said to be preparing to increase its offer for Arcelor to more than £18bn to beat off rival interest from Russia.

The battle between the world’s two largest steel companies intensified today when Mittal Steel urged Arcelor shareholders to resist an alternative tie-up in Russia.

London’s leading shares ended a volatile week on the front foot today rallying more than 100 points.

World markets showed signs of steadying today as fears over rising inflation began to recede.

The hunt for Red October can be called off: Russia will scrap the submarine that some say inspired the famous Cold War novel and film.