LONDON: Taken by surprise by the counter-offer from Brazilian steel giant CSN, the Tatas are understood to have got in touch with the top brass of the Anglo-Dutch company Corus for which the Indian giant had bid last month.
Tata Group Chairman Ratan Tata was understood to be in touch with them, with sources indicating that the entrepreneur was here when the CSN offer was notified at the London Stock Exchange on Friday.
No official comment was available on this development.
Tata sources said that the B Muthuraman, Managing Director of Tata Steel, which had made a 4.23 billion pound bid for Corus, was in India but did not rule out the possibility of he getting involved in the consultation process.
Companhia Siderurgica Nacional, one of the largest steelmakers in Latin America, had made an offer for 475 pence a share, trumping Tata's 455 pence per share offer.
Sources said the Tata Group had the option to legal recourse but did not rule out raising their bid.
The development comes ahead of the December 4 extraordinary general meeting of Corus, where shareholders are expected to vote on Tata's 4.23 billion pound offer.
