Mumbai: EU regulators have set a deadline of January 3 for ruling on Tata Steel's $7.7 billion bid for Europe's second largest steel maker Corus Group PLC. Just last week Brazilian steel maker CSN had made a counter offer of of $8.1 billion.

Tata Steel has approached the European Commission (EC) for its approval of the proposed $8.1 billion dollar acquisition bid for Anglo-Dutch steelmaker Corus. The European regulator can approve the deal, open a four-month probe or refer it to national regulators, a report quoting an EC statement said.

European regulators can extend the deadline in response to complains from rivals or in the event of a merger being violative of antitrust laws. Since Tata Steel and Corus do not have any overlapping business the Offer by Tata Steel is not expected to face antitrust scrutiny.