Russian sources report that the Russian iron ore and steel producing company Metalloinvest Holding (Metalloinvest) has decided to pull out of the agreement to purchase a 50 percent stake in steel producer Maxi-Group.
According to the reports, Maxi-Group's non-fulfillment of its part of the agreement and its continuation of negotiations with third parties regarding the possible sale of company shares served as the cause for Metalloinvest's decision.
Meanwhile, Maxi-Group has already found another possible partner, NLMK, which announced today (November 23) that it is currently in talks with Maxi-Group for the purchase of a controlling stake of shares in the latter company.
In its press release, NLMK stated that the two companies had agreed the terms of purchase in principle, but that nothing has been finalized yet.