Australia-based iron ore mining company Flinders Mines Limited has announced that it has received approval from Australia's Foreign Investment Review Board (FIRB) regarding the proposed A$554 million cash acquisition of Flinders Mines by Russian steelmaker Magnitogorsk Iron and Steel Works (MMK).
According to Flinders' statement, the company's board of directors continues to unanimously recommend that all Flinders shareholders vote in favor of the A$554 million takeover offer, at A$0.30 per share, unless there is a superior proposal.