Hi nutcracker, looks like the Russians (Magnitogorsk Iron and Steel Works) are coming with a $554 million bid.
Russian company to takeover Flinders Mines, West Australia-focused iron ore explorer Flinders Mines will soon be in the hands of a Russian steel company after shareholders approved the friendly takeover.
Magnitogorsk Iron and Steel Works in November made a $554 million bid for Flinders Mines, which has an exploration project in WA's Hamersley Ranges, which neighbours Fortescue Metals' third mine under development, Solomon.
Almost 95 per cent of votes cast at a meeting on Friday were in favour of the takeover.
A Federal Court hearing will take place on April 3 to award final approval of the deal, write up in todays
Business Spectator.
Cheers.
Hi nutcracker, looks like the Russians (Magnitogorsk Iron and...
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