A RUSSIAN businessman who is desperately seeking a seat on the Corus board has little chance of success, a steel expert has said.
Alisher Usmanov has proclaimed his desire to have a controlling influence on the Anglo-Dutch steel group, but to date his overtures have been rejected.
The latest twist in his bid for a board presence was revealed last night when his company, Gallagher Holdings, told Corus it intended to nominate a director to the board ahead of the group's annual meeting on Thursday.
Mr Usmanov is sole shareholder in Gallagher as well as personally owning 11 per cent of Corus. Gallagher yesterday raised its stake in Corus from ten per cent to 13.39 per cent.
Jonathan Aylen, senior lecturer in economy at UMIST, told The Northern Echo: "He would not have enough votes to get a seat on the board."
And he suggested that the metals mogul had been clumsy in his attempts to curry favour with the big City investors who would be needed to help him in his quest for board status.
"He is such an anti-establishment figure," Mr Aylen said. "His standard approach to negotiation is to have an article about himself in the Sunday Mail."
Mr Usmanov may have more success in playing a part in steel making on Teesside where Corus is desperately looking for a joint venture partner to help it compete on the internationally from 2006.
The iron and steel tycoon is reportedly interested in supplying Corus with raw materials and wants it to forge links with businesses he controls, including an iron ore mine.
Corus declined to comment on Mr Usmanov's request, saying only that it would communicate its views to shareholders shortly. Mr Usmanov reportedly said last month that he would do whatever was needed to gain a seat on the group's board.
He said he and other Russian investors in Corus, reportedly including billionaire Oleg Deripaska, could lift their combined holding in the firm to more than 20 per cent if necessary.
Corus directors are believed to be unwilling to have Mr Usmanov and the other Russians in board positions.
Mr Usmanov is the second biggest shareholder in Corus after US investment group Brandes Investment Partners.
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