Russian tycoon divests himself of Corus stake

Russian tycoon divests himself of Corus stake

Russian investor Alisher Usmanov confirmed that he sold his remaining 1.2% stake in Anglo-Dutch steel producer Corus Group Plc to Credit Suisse First Boston for $59 million. Mr. Usmanov indicated that the hand-over of his stake includes an option to buy the shares back if the price falls 30% after a year. In April of 2004, The Russian investor had increased his stake in Corus to 13.4%.