In an unusual move in a mergers and acquisitions deal, the management board of Corus, the Anglo-Dutch steel group, is taking its supervisory board to court for blocking a disposal.
Corus agreed in October to sell an aluminium division to Pechiney, the French aluminium products company, for €750m ($832.5m). But on Monday night the supervisory board rejected the management board's recommendation for the sale. Corus reacted on Tuesday by filing a request before the enterprise chamber of the Amsterdam Court of Appeal for the sale to proceed.