A potential takeover of Corus Group was challenged this afternoon as the Anglo-Dutch steelmaker's second largest shareholder said Tata Steel's £4.3bn (€6.4bn) offer was too low and did not reflect the value of the business.

Standard Life, which has a 7.9% holding in Corus said the 455p a share offer from Tata was lower than it "would have expected the board of Corus to agree to and recommend".