Corus makes 530 million Euros in sale

Corus has sold its entire 23.2 per cent stake in Finnish stainless steel producer AvestaPolarit to Outokumpu for 530 million Euros.

Corus has announced the sale of its entire 23.2 per cent stake in AvestaPolarit to Outokumpu for EUR6.55 per AvestaPolarit share in cash, which equates to approximately EUR530m.

Corus will also receive EUR25m in cash from Outokumpu as consideration for the early termination of the shareholders’ agreement between Corus and Outokumpu, which was entered into in connection with the formation and listing of AvestaPolarit in January 2001.

The total proceeds received by Corus of some EUR555m (approximately £359m) will be applied to reduce debt and further strengthen the group balance sheet.

The sale, which is subject to regulatory approval from the European Commission, is expected to be completed by the middle of August.