Corus Group plc has agreed to sell its entire 23.2% stake in AvestaPolarit Oyj APB to Outokumpu Oyj for about EUR 530 million. Corus will also receive EUR 25 million in cash from Outokumpu as consideration for the early termination of the shareholders’ agreement between Corus and Outokumpu entered into in connection with the formation and listing of AvestaPolarit in January 2001. Total proceeds received by Corus – some EUR 555 million –will be applied to reduce debt and further strengthen the group balance sheet. Corus expects the sale, which is subject to regulatory approval from the European Commission, to be completed by the middle of August.
