Posted in | News | Aluminum / Aluminium

Corus' Terminates Sale of Aluminium Business to Pechiney

Mar 18 2003

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The proposed sale of Corus’ aluminium business to Pechiney has fallen through, as the Amsterdam Enterprise Court has rejected the application of Management Board to overrule the decision of the Supervisory Board.

The deal was agreed to in principle on October 24, but stalled earlier this month with Dutch trade unions opposing the deal. The Supervisory Board then recommended that the deal be terminated.

As a consequence, Corus will now pay Pechiney 20 million Euros according to their contract for not completing the sale.

Pechiney still remains open to further negotiations at a later stage as they feel that the Corus business was a good fit with their own.

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