MMK Won’t Move on Flinders Bid Until Court Decides, Deal Expires
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OAO Magnitogorsk Iron & Steel, the steelmaker whose proposed takeover of Australia’s Flinders Mines Ltd. has been blocked by a Russian court, won’t take any further action on the bid until the case is heard on July 2.
“Magnitogorsk’s decision on its future actions regarding the agreement will be taken only when the results of the court hearings are known,” Kirill Golubkov, a spokesman, said today by phone. The offer period ends June 30, meaning it will expire before Magnitogorsk makes any decision on extending the bid.