Flinders Mines Takeover Caught In Magnitogorsk-ENRC Dispute
30 Noviembre 2011 - 5:58PM
Noticias Dow Jones
The Australian-based assets of Russian steelmaker Magnitogorsk
Iron & Steel Works (MAGN.RS) have been frozen by an Australian
court in a dispute with U.K.-listed, Kazakh-focused diversified
miner Eurasian Natural Resources Corp. PLC (ENRC.LN),
Magnitogorsk's takeover target Flinders Mines Ltd. (FMS.AU) said
Thursday.
Flinders said that an order Nov. 25 by the Federal Court of
Australia, freezing A$857.6 million of Magnitogorsk's assets in
Australia, wouldn't affect the steelmaker's ability to carry out
its A$0.30 per share offer for the company, announced the same
day.
The offer values Flinders, which has several promising iron ore
tenements in the Pilbara region of northwestern Australia, at A$554
million.
"Magnitogorsk has informed Flinders it is of the view that the
freezing order currently in place does not and will not impact on
Magnitogorsk's ability to complete the scheme," the company
said.
Flinders' directors said they continued to unanimously recommend
the scheme of arrangement to take over the company.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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