Steel group Corus has been spared a showdown over moves to appoint Dutch former steel executive Adrianus van der Velden to its board.
Corus had been opposed to his nomination by Gallagher Holdings - whose sole shareholder is Russian metals entrepreneur Mr Alisher Usmanov - on the grounds it was "an unwelcome distraction" and a potential conflict of interest.
However, Gallagher has now removed its threat to take Mr van der Velden's nomination to a vote at the company's annual general meeting in London, although it added it would continue to discuss his candidacy with the company and that it expected to revisit the issue.
Gallagher said the decision not to press for a vote came after other Corus shareholders said they wanted more time to consider the candidacy.
The group's second biggest shareholder - it has a 13.39 per cent stake - added it retained a "number of substantial concerns" in relation to Corus. It said it would be discussing these with the company and other investors, while also "actively monitoring" the steel group's progress.