Gary should resign and be responsible for the shoddy takeover agreement. SMH.com.au AUSTRALIAN companies have been told to tighten the terms of takeover agreements they enter into, lest they fall victim to the sort of mysterious foreign antics that sank the $554 million acquisition of Flinders Mines. Last rites for the Flinders deal, launched by Russian steel giant Magnitogorsk, were read yesterday, ending an eight-month process in which the deal was destroyed by Russian litigant Elena Egorova. Ms Egorova owns 0.001 per cent of Magnitogorsk, yet won an injunction on the merger in Russian courts on the grounds the deal might threaten her financial interests. Ms Egorova was never seen in public and debate continues as to whether she actually exists. Yet she won successive delays to her court hearing and duly ensured the merger expiry date was breached. Magnitogorsk finally terminated the deal yesterday, leaving Flinders alone to revive development of its Pilbara iron ore projects. Australia's Takeovers Panel declined to intervene but warned directors to learn from the saga and tread warily when dealing with foreign takeovers. The panel noted the merger agreement was ''drafted broadly'', leaving it vulnerable to legal challenges that would not be considered ''appropriate'' in Australia. ''It may be wise for target directors in future to consider very carefully the drafting of these conditions,'' the panel said.
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