Mmm. Article from the Moscow Times dated 2 April. It looks like MMK does not have the funds yet. This could be a delaying tactic or it could be a way out of the deal given the russian analyst views on unacceptable debt levels. Make up your oiwn minds.......
MMK Seeks Loan 02 April 2012 Magnitogorsk Iron & Steel Works is seeking a loan from Gazprombank after Flinders Mines shareholders approved its 554 million Australian dollars ($576 million) bid for the Australian iron-ore producer.
MMK, as the steelmaker is known, would make any of the funds raised through a loan available to its newly registered Australian unit, a regulatory filing from MMK showed Friday.
MMK Australia was set up for the Flinders Mines acquisition, said Kirill Golubkov, a spokesman for the Magnitogorsk-based company. The steelmaker is in talks to borrow about $700 million from Gazprombank, Interfax reported.
Read more: http://www.themoscowtimes.com/business/article/mmk-seeks-loan/455904.html#ixzz1rV2sgF3O The Moscow Times
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