MMK Resisting Decision

By The Moscow Times

April 8, 2012

Magnitogorsk Iron & Steel asked a regional court to lift restrictions on its right to buy Flinders Mines, according to a filing with the court.

The Russian steelmaker's acquisition of the Australian iron-ore miner for 554 million Australian dollars ($570 million) was blocked by the Chelyabinsk arbitration court on March 30 at the request of Yelena Yegorova, who holds less than 0.001 percent of MMK, as the company is called. Yegorova claimed that the deal infringes on her interests as a shareholder, the company said April 3.

The deal was scheduled to close by April 18 after gaining approvals from an Adelaide court.

(Bloomberg)

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