Australia-based iron ore mining company Flinders Mines Limited (Flinders) has announced that the Australian Federal Court has lifted its order freezing the Australian assets of Russian steelmaker Magnitogorsk Iron and Steel Works OJSC (MMK).
As SteelOrbis previously reported, Flinders and MMK have entered into an agreement regarding the acquisition of 100 percent of the issued shares in Flinders by MMK. Flinders had also previously announced that the freezing of MMK's Australian assets will not affect the takeover bid.
Flinders continues to unanimously recommend MMK's offer to its shareholders, unless there is a superior proposal.