Amsterdam Court Rejects Corus' Application to Authorize Sale of Aluminum Conversion Business.Business Editors PARIS--(BUSINESS WIRE)--March 13, 2003 Pechiney (NYSE NYSE See: New York Stock Exchange :PY) regrets to announce that Corus Group Corus Group plc, normally referred to simply as Corus, is one of the world's largest producers of steel, headquartered in London. It was formed from the merger of Koninklijke Hoogovens N.V. plc has informed it that the Amsterdam Enterprise Court has today rejected its application to overrule The refusal by a judge to sustain an objection set forth by an attorney during a trial, such as an objection to a particular question posed to a witness. To make void, annul, supersede, or reject through a subsequent decision or action. the decision of the board of Supervisory Directors of its Dutch Subsidiary. As a consequence, Corus Group plc is unable to proceed with the sale of its aluminum conversion business to Pechiney. Pechiney is very disappointed that Corus Group plc -with whom an agreement in principle was signed last October- is not able to transfer its aluminum conversion business meaning that the transaction cannot go ahead. Pechiney has always been convinced of the excellent strategic fit that this transaction would bring to both Pechiney and the aluminum side of Corus and also of the very high level of synergies that had been identified. As a consequence, Corus Group plc will pay Pechiney an agreed break-up fee of 20 million euros, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its contractual obligations. Although the Pechiney Group will in principle remain open to a possible transaction in the future should Corus Group plc wish to reopen discussions, it will now pursue other investment targets, in line with Pechiney's strategic objectives and strict investment criteria. As in the past two years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Group remains committed to selective and profitable growth, which has proved in 2002 to deliver the synergies expected from the Soplaril and Eurofoil acquisitions in 2001. Certain statements in this press release that describe Pechiney's intentions, expectations or projections may constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Pechiney's actual results, performance or achievement to be materially different from its intentions, expectations or projections. The forward-looking statements in this press release speak only as of its date and Pechiney undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Reuters:PECH
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