Moscow Times 4 July 2012
Magnitogorsk Iron and Steel Works said Wednesday that it is committed to continue the court battle over the deal to acquire Australian iron ore miner Flinders Mines, although the steelmaker had to terminate the nearly $570 million bid earlier this week.
The Magnitogorsk-based company, also known as MMK, intends to prove in court that the acquisition of Flinders Mines — disputed by the steel company’s minority shareholder Yelena Yegorova — was made in line with legislation, an MMK spokesman said.
“It is of principal importance for MMK to prove the rightfulness and legitimacy of its action,” he said in e-mailed comments.
MMK, controlled by billionaire Viktor Rashnikov, said Monday that it terminated the acquisition agreement with Flinders Mines after the Chelyabinsk regional court postponed a scheduled hearing at Yegorova’s demand earlier that day.