Metals manufacturer and processor Corus has announced it is waiting for Brazilian giant Companhia Siderurgica Nacional (CSN) to return with a formal takeover offer after an initial approach earlier this month.
CSN made a cash offer of 475 pence per ordinary Corus share but since the suggestion was made on November 17th, the firm have not returned with a firm offer.
However, Corus appears confident, stating that "it is in the best interests of shareholders to allow CSN some additional time to satisfy its pre-conditions and to determine whether it will put forward a formal offer".
Additionally, the takeovers and mergers panel has not yet set a deadline for CSN's possible offer.
Corus, formed in 1999 through the merger of British Steel and Koninklijke Hoogovens, has an annual turnover of £9 billion and intends to propose resolutions to shareholders at the end of the year.
CSN was privatised after nearly 50 years of government control in 1993 and has an annual production capacity of 5.8 million tons of steel and about eight thousand employees.