Retreat from Usmanov in nominating former executive to Corus

Retreat from Usmanov in nominating former executive to Corus

Late on Wednesday, Alisher Usmanov, second largest shareholder of Anglo-Dutch Corus with 13.4% shares, decided not to nominate former executive Mr Van der Velden to Corus' board in today's annual meeting for now. The Russian investor Usmanov's grounds for the intention of nomination was that the current restructuring plan for Corus was not effective enough and that former executive would narrow the gap between performances of the British and Dutch arms of Corus. As previously reported by SteelOrbis earlier this week, Usmanov's plan received response from shareholders, however decision of the Russian investor to retreat is not final. The possibility that issue will be put on the agenda some time in the future leads to a distress within Corus. The top management hopes that Usmanov yields to push for its aims on Corus and paves the way to the board on studying company's future.