There will be consolidation whether the bid succeeds or fails.

CSN is a natural target because it has a single owner.

Investors are already positioning themselves, assuming that the operation will be concluded. The assumption is that only the details are missing.

Sometimes one succeeds, sometimes one fails.

For every three mergers and acquisitions, one is done extremely well, one fails and one kind of narrowly succeeds or fails.

An inventor fails 999 times, and if he succeeds once, he's in. He treats his failures simply as practice shots.