Australia-based
iron ore mining company Flinders Mines Limited and Russian steelmaker Magnitogorsk Iron and Steel Works OJSC (
MMK) have entered into an agreement regarding the acquisition of 100 percent of the issued shares in Flinders by
MMK.
Flinders has recommended all Flinders shareholders to vote in favor of the A$554 million ($538 million) takeover offer, at A$0.30 per share.
Earlier this week, Flinders requested a trading halt of its securities, prior to an announcement regarding its wholly owned Pilbara
Iron Ore Project in Western
Australia.