Corus chief in line for £13m after backing Tata bid

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Philippe Varin, the chief executive of Corus, which recommended a £5.1bn takeover offer from India's Tata Steel last week, stands to net more than £13m if the deal goes through.

The Frenchman joined the Anglo-Dutch steelmaker three years ago when its shares were a fraction of last week's recommended 455p-a-share bid. He would scoop around £5m from performance-related options early as a result of the deal.

Mr Varin has a personal holding of just under 1.8 million shares, worth £8.2m if the Anglo-Dutch steelmaker is taken out at 455p, according to the company's annual report. He is also in line to receive another estimated £5m next year because of Corus's improved financial performance this year. That could take his total payout up to £18m.

Corus chairman Jim Leng, who recruited Mr Varin, justified his highly incentivised pay package. "He took an enormous risk [joining Corus]. We had a competitive package to get the right man."

Shareholders, thought to be unhappy with the valuation, have yet to approve the deal.