Varin was unlikely to stay if CSN wins, while he would hold onto his position if Tata manages to acquire the company.
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.
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.
Sources close to the development said CSN's attempt to take over Corus might be hurt by Brazilian miner Companhia Vale do Rio Doce's plan to challenge CSN's capacity to supply iron ore to Corus.
After signing on Tata Steel in 2007 and Brazil's CSN in 2009, Riversdale has roped in China's Wuhan Iron and Steel Corporation (Wisco).
Essar Steel is likely to join the race for Brazilian miner and steelmaker CSN's Nacionale Minerios (Namisa), a fully integrated iron ore company. Sources close to the development said Goldman Sachs has approached Essar with the acquisition proposal and the company was considering it.
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.
Brazilian steel major makes counter-bid at 4.75 a share.
The stage appears set for a battle royale between Indian corporate giant Tata Steel and Brazil's CSN for acquisition of Anglo-Dutch steel maker Corus, with both the suitors reportedly willing to raise their bids.
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.
After much speculation on whether CSN will put in a counterbid or not, it finally did a 475 pence per share bid against Tata Steel's 455 pence per share offer.
The UK Takeover Panel has initiated discussions with the two suitors for Anglo-Dutch steelmaker Corus Group -- Tata Steel and CSN of Brazil -- to lay down the process for selecting the winner.
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.
Brazilian steel firm Companhia Siderurgica Nacional wants to make a rival bid for Corus before the Anglo-Dutch group's shareholders meet on December 4 to consider an offer from India's Tata Steel, a report said.
Corus postpones EGM and court meeting over Tata Steel's takeover bid to December 20 from December 4 to give more time to CSN.
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.
Even as Tata Steel mulls over its next move in the race for Corus Group, its rival suitor Companhia Siderurgica Nacional
The Tata Steel board will meet shortly to take stock of the situation arising out of Brazilian steel-maker Companhia Siderurgica Nacional's move
Tata Steel is bracing to deliver what investment bankers say will be a knockout punch to its competitor, Brazil's Companhia Siderurgica Nacional
The shadow of the European Commission's anti-trust proceedings is hanging over Companhia Siderurgica Nacional's bid for Anglo-Dutch steelmaker Corus.
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.
The UK takeover panel sets January 30 deadline for Tata Steel and CSN to announce revised offer for Corus.
The rising heat in the race between Tata Steel and Brazil's CSN to acquire Anglo-Dutch steelmaker Corus
Do you think this acquisition further fortifies the belief that India is a rising giant? Are you happy with the Tatas managing to beat Brazil's CSN to buy Corus? Do you think the Tata Group is set for big growth in the future? Tell us.
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.
The battle for Anglo-Dutch steelmaker Corus is set to intensify with the UK takeover panel mulling over a rare intervention by arranging an auction between the two bidders - India's Tata Steel and Brazil's CSN.
In its first official comment on the Corus deal since a rival bid came up, Tata Steel said on Tuesday that its offer for buying out the Anglo-Dutch steelmaker remains valid in spite of a counter bid from Brazil's CSN.
On Thursday in Visakhapatnam, hundreds of villagers, most of them children suffered the consequences of the vapour leak like irritation in eyes, breathlessness, nausea and rashes, and over 100 people were admitted to government and private hospitals. Several police personnel, who came for the rescue operation, also suffered symptoms like breathlessness, irritation in eyes and fell unconscious.
The Anglo-Dutch merger was meant to revive the ailing British Steel which had incurred a net loss of 81 million in the year ended March 31, 1999
It appears there is a new power couple in the sporting world. Redskins linebacker Ryan Kerrigan attended a charity event with tennis star Caroline Wozniacki, and rumors suggest the two are romantically paired up.
Like corporations all round the world and of all nationalities, Indian businesses understand the urgent need to acquire global scale and efficiencies to succeed.
The European Commission on Friday approved Tata Steel's proposed acquisition of Anglo-Dutch steelmaker Corus.
Tata Steel said on Tuesday its Board will meet on April 17 to discuss plans for funding the $12 billion acquisition of Anglo-Dutch firm Corus Group Plc.
Pension trustees of Corus Group have hired Penfida Partners to weigh the proposals placed by Tata Steel and CSN to acquire the Anglo-Dutch steelmaker.
Bankers and brokers allied to Brazil's Companhia Siderurgica Nacional scaling up their combined stake in the company to over 19 per cent.
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.
With no final offers forthcoming from Tata Steel and CSN -- the two suitors for Corus -- the UK Takeover Panel has decided to put the Anglo-Dutch steel maker under the hammer on January 30.
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.
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