Cyprus-based Onarbay Enterprises Ltd, a joint venture of Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) and Sapwood Investments Ltd, is planning to make a compulsory offer to minority shareholders of the Russian coal producer Belon to acquire all remaining shares in the company.
Onarbay Enterprises, which already owns an 82.6 percent stake in Belon, has sent the proposal to the Russian Federation's Federal Financial Markets Service for approval.