re: Ann: Becoming a substantial holder in FMS... MMK Asks Court to Lift Restrictions on Flinders Purchase
By Yuliya Fedorinova on April 06, 2012 Tweet Facebook LinkedIn Google Plus 0 Comments
OAO Magnitogorsk Iron & Steel (MAGN), Russian billionaire Victor Rashnikov’s steelmaker, asked a regional court to lift restrictions on its right to buy Flinders Mines Ltd. (FMS), according to a filing with the court.
The Russian steelmaker’s acquisition of the Australian iron ore miner for A$554 million ($570 million) was blocked by the Chelyabinsk arbitration court on March 30 at the request of Elena Egorova, who holds less than 0.001 percent of MMK, as the Magnitogorsk-based company is called. Egorova claimed the deal infringes on her interests as a shareholder, the company said April 3.
Kirill Golubkov, a spokesman for MMK, confirmed the company’s filing.
The deal was scheduled to close by April 18 after gaining approvals from an Adelaide court. The Australian has delayed its decision because of Egorova’s claim.
MMK’s board postponed a decision on taking a loan from OAO Gazprombank to pay for Flinders, according to a regulatory filing today from the steelmaker.
To contact the reporter on this story: Yuliya Fedorinova in Moscow at [email protected]
To contact the editor responsible for this story: John Viljoen at [email protected]
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