Russia’s Magnitogorsk Walks Out On Australian Flinders Mines Bid, Shares Down

By International Business Times,  July 02, 2012, 11:08:13 PM EDT

Russian steelmaker OAO Magnitogorsk Iron and Steel Works (MMK) has withdrawn from a A$554 million or $567 million bid to acquire Australian iron ore developer Flinders Mines after a minority shareholder challenged the plan in a legal complaint. Shares of Flinders Mines immediately took a beating, dropping more than seven per cent in early trade.

As of 1057 AEST, shares in Flinders Mines were one cent lower at 12.5 cents.

Read More on International Business Times




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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