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Russian MMK stops bidding plan for Finders Mines
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According to report, Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) said it dropped the plan to bid for Australian iron ore producer Flinders Mines by AUD554 million after the deadline on June 30.
MMK stopped the Scheme Implementation Agreement (SIA) said in the statement.
The bid was started in November last year at an 82% premium to Flinders’ price before the offer was made.
MMK has been tried to raise its mining operations and strengthen the iron ore supply by itself.
News Date
7/3/2012 3:22:48 PM
reported by
Judy Lin
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