Even as the fate of the bidding war between Tata Steel and Brazil's Companhia Siderurgica Nacional (CSN) hangs in balance for Corus, reports today said that Philipe Varin, the chief executive of the Anglo-Dutch steelmaker, would leave if it is bought by the Latin American firm.British magazine The Business cited unnamed sources close to Corus as saying that Varin was unlikely to stay if CSN wins, while he would hold on to his position if Tata Steel manages to acquire the company.As per CSN's offer, Varin's contract expires after six months and can be renewed if both parties agree to extend it. The report said that Benjamin Steinbruch, chairman, CSN, with his strong leadership style, may not bring Varin in as a deputy.If the Tatas win, Varin and David Lloyd, finance director, Corus will be contracted to stay for a minimum of three years. After one year, Varin stands to be appointed deputy managing director of the merged group, the magazine said.Market expectations of a fierce battle has pushed Corus' share price well above CSN's current offer of 515 pence, which values Corus at 4.9 billion pounds ($9.7 billion)."Varin has won the respect of investors for his success in turning the loss-making company around ending years of damaging infighting between the Dutch and English halves of the business, and implementing cost-cutting that returned the company to profit," the report said.Tata Steel is mulling a London listing if it wins the Corus battle, it added. When Tata Tea acquired UK's Tetley Tea in 2000, it raised about $75 million worth global depository receipts in London.
