CORUS yesterday gave Brazilian steelmaker CSN more time to make a formal takeover bid to rival the £4.3bn offer from India's Tata Steel.

Companhia Siderurgica Nacional (CSN) had been under pressure to table an offer for the Anglo-Dutch steel group before Corus shareholders meet on December 4 to vote on whether to accept Tata's 455p a share bid.

But Corus yesterday postponed the date of the extraordinary general meeting to December 20 to allow CSN time to complete the necessary due diligence and decide whether it wants to make a rival offer.

Anthony Platts, assistant director at Tees Valley investment manager Wise Speke, said it was a "sensible move".

"If CSN is going to put in a formal bid it needs time to check through the books and so (Corus) directors are acting in the shareholders' best interest by delaying the meeting," he said.

"Tata will have to wait until CSN moves and then it will need to act. I expect CSN will put in its bid before the 20th."

Corus, which employs about 3,000 people in the North-East, agreed to the 455p a share offer from Tata last month after a year-long search for a business partner.

However, CSN, which tried to merge with Corus in 2002, told the group earlier this month that it was willing to trump Tata's offer and pay 475p a share.

CSN said its offer would provide Corus with a secure supply of high-quality, low-cost iron ore from its Casa de Pedra mine. Benjamin Steinbruch, chairman and chief executive of CSN, said last week: "We are confident that we will be able to move to a formal bid. Depending on the quality of the information, discussions will be finalised at the end of this week or beginning of next week. We would like to be prepared for the meeting.''

It will now have more time for its preparations, which include the finalisation of financing and a recommendation from Corus.

Corus said in a statement yesterday: "The board of Corus has decided that it is in the best interests of Corus shareholders to allow CSN some additional time to satisfy its pre-conditions and to determine whether it will put forward a formal offer."

Corus shares fell on the London Stock Exchange, slipping 5.50p, or 1.09 per cent, to 499.50p.