is csn setting its sights on riversdale?

I would agree with Skipperx, I don't believe CSN will counter bid but it makes for an interesting story after reading the article below.

http://blogs.ft.com/beyond-brics/2011/02/10/is-csn-setting-its-sights-on-riversdale/

Is CSN setting its sights on Riversdale?

February 10, 2011 7:43 pm by beyondbrics
By Samantha Pearson in S?o Paulo

Has Benjamin Steinbruch finally learnt his lesson? The Brazilian metals magnate (pictured) has made a name for himself by trying ? and failing ? to buy up some of the biggest names in the sector.

His steelmaking company CSN bid for Anglo-Dutch Corus in 2006 and even tried its luck at a merger with Germany?s Thyssen-Krupp and Arcelor of Luxembourg before it became ArcelorMittal. All of which came to nothing.
This time Steinbruch is making life difficult for Rio Tinto. The multinational has extended its $3.9 billion takeover offer for Mozambique-focused coal miner Riversdale Mining by two weeks. The announcement came at the same time as CSN raised its stake in Riversdale to 19.9 percent, suggesting a stalemate may be looming.

Is CSN actually readying a bid for Riversdale itself? Analysts think not. Instead, Steinbruch may only be hoping to win himself more bargaining power ahead of the Rio deal to secure future supplies of coking coal ? a vital ingredient of steel and one which is in increasingly short supply.

With CSN?s cash management under some scrutiny, investors will be hoping that Steinbruch has set his sights on more realistic targets this time.