Tata Board meets before auction

The UK Takeover Panel has called the auction to decide the winner for Corus.

The Board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.

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Tata Group Chairman Ratan Tata and Tata Steel Managing Director B Muthuraman were present at the meeting at Bombay House.

The nine-round auction, called by the UK Takeover Panel to decide the winner for Corus, would commence at 16.30 hrs GMT (2200 hrs IST) and an outcome could be expected latest by February 1.

The auction process could take the final bid to anything above 11 billion dollars.

While Tata has currently bid 500 pence a share for Corus, rival CSN has offered a top bid of 515 pence.