Brazilian steel maker CSN might have lost the bidding war for Corus to India's Tata Steel but it still stands to gain over $520 million on the virtue of its failure only.
Varin was unlikely to stay if CSN wins, while he would hold onto his position if Tata manages to acquire the company.
Close on the heels of the Tatas revising their bid for Corus to $9.2 billion by offering a price of 500 pence per share, the Brazilian steel firm CSN offered 515 pence a share for acquiring Corus.
Even as Tata Steel mulls over its next move in the race for Corus Group, its rival suitor Companhia Siderurgica Nacional
Bankers familiar with the development said CSN, which announced on Friday that it might trump a 455-pence-a-share offer from Tata with a bid worth 475 pence, was prepared to offer "much more" for Corus if needed.
The nine-round auction called by the UK Takeover Panel to decide the winner between the two suitors began at 2200 hrs Indian time (1630 hrs GMT) and will end the slugfest that has been on for three months.
Corus postpones EGM and court meeting over Tata Steel's takeover bid to December 20 from December 4 to give more time to CSN.
Corus spokesperson did not respond to an email query sent by PTI at the time of releasing the story. However, a senior company official said that direct and indirect job losses are imminent with closure of industrial operations, though he did not confirm to such a figure.
Rajeev Srinivasan considers the lessons from Tata Steel's acquisition of Corus.
The bank has agreed to provide up to $1 billion to Tata Steel's special purpose vehicle, Tata Steel UK, to refinance $7.2 billion of bridge loans taken for the biggest buyout by an Indian company.
The contract would come into effect in 2009, Tata Steel said.
Tata Steel's European arm Corus today said it is open to dialogue for strategic tie-ups with investors having sound financials to rescue its recently mothballed Teesside Cast Products (TCP) plant in England.
To keep operations at TCP alive, Corus has been channelising internal orders to the TCP which was also getting some demand from outside.
While Commerce Minister Kamal Nath has set the target for FDI at $12 billion for 2006-07, outbound investment for January-September 2006 has touched $18.73 billion compared with $8.84 billion in the same period last year.
Tata group company Tata Steel will issue equity shares on a rights and preferential basis to raise about Rs 10,000 crore (Rs 100 billion) to repay 'bridge loans' raised for funding acquisition of British steel behemoth Corus. The issue will close on December 21, a spokesperson said, adding that the record date for the issue was November 7.
Corus Group Plc, on Wednesday reported a nearly three-fold jump in profit for the third quarter ended September, said it was awaiting a final offer from Brazil's CSN.
Since Ratan Tata , the patriarch of India's Tata Group, decided to splash out $13.1bn early in 2007 on Anglo-Dutch Corus, he has spent a lot of time with smooth-talking Frenchman Philippe Varin , who has run Corus for five and a half years.
Higher valuation of Corus may put pressure on Tatas' financials.
The battle for Corus is expected to take a decisive shift this week, with the pension trustees of the Anglo-Dutch steel company expected to meet the representatives of Brazil's CSN to understand its commitment to the workers' pension.
With the Tatas agreeing to sell its Scunthorpe steel plant in the UK to investment firm Greybull for a nominal one pound, the storied 'British Steel' name will be back in the now-ailing industry.
Tata Steel, which is bidding for steel maker Corus, is close to sweetening its offer for the Anglo-Dutch company, but could wait until the deadline set by regulators next week
While the fight between Tata Steel and CSN over Anglo-Dutch steel maker Corus continues, experts feel there is still time for a third suitor to put in bids ahead of a deadline set by the regulators.
Tata group has been a constant in India's sporting landscape and the conglomerate's involvement only grew under Ratan Tata.
Ratan Naval Tata, a prominent industrialist, philanthropist, and former Chairman of Tata Sons, has been admitted to the intensive care unit (ICU) at Breach Candy Hospital in Mumbai, reports Mid-Day newspaper.
Anglo-Dutch steel company Corus, currently in the midst of a takeover bid by India's Tata Steel and Brazil's CSN, has been fined more than three million pounds for breaching health and safety laws at a factory where an explosion killed three workers
While write-off will push up its debt equity ratio, decline in equity will push up return ratios.
Tata Steel, India's largest steelmaker, has consolidated all its overseas assets including Corus under a new holding company, Tata Steel Global, to raise funds for its overseas expansion including future acquisitions.
Brazil may overtake India in the global steel space if Latin American firm CSN manages to acquire Corus - a development that could dash Tata Steel's chances of becoming the world's fifth largest steelmaker.
Corus Group Plc on Friday said it will list 46.8 million additional equity shares for trading on the London Stock Exchange.
The struggling steelmaker said the sale includes several South Yorkshire-based assets, including electric arc steelworks and bar mill at Rotherham, steel-purifying facility in Stocksbridge and a mill in Brinsworth.
Tata Steel-owned Corus on Tuesday said it will invest 185 million pound (Rs 1,355 crore) in the No 4 blast furnance at Port Talbot steelworks in Wales, that will increase capacity by 400,000 tonnes a year.
Tata Steel will shell out $4.1 billion out of the total consideration of $12.15 billion for the acquisition of Anglo-Dutch steelmaker Corus.
With a bid of 608 pence a share, Indian corporate giant Tata Steel outsmarted CSN's 603 pence a share offer during the night-long auction process.
Some feel that Tata Steel has put these assets on the block only after exhausting all the options.
Over the past two years, Tata has invested in over 20 start-ups
Fresh from his visit to India in the last week of July, Britain's Business Secretary (minister) said he was hopeful a buyer would be found for Tata Steel-owned Corus' Teesside Cast Products plant in the northeast of this country.
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
Fresh with its takeover of Anglo-Dutch giant Corus, Tata Steel has now started talks with world's second-largest steel maker Nippon of Japan for jointly producing the alloy for automakers and other companies.
