Tata Steel mum on Corus strategy

The board of directors of Tata Steel met here today, presumably to discuss the strategy to be adopted for countering Brazilian steelmaker CSN's counter-bid for Anglo-Dutch firm Corus.

CSN had, last week, approached Corus with a 475 pence per share offer as against Tata's 455 pence per share, and has also started the due diligence of Corus accounts.

Tata Steel officials remained tight-lipped about the board meeting, but market observers believe the company considered the option of raising its $8.1 billion offer for Corus.

Tata Steel has already completed the due diligence process of Corus, and is understood to have readied the funds for the takeover. The company, however, was awaiting a formal bid by CSN, investment banking sources said.

Corus shareholders are expected to consider the Tata offer at an extra-ordinary general meeting scheduled on December 4.