Magnitogorsk Iron and Steel Works will pay $554 million to acquire Western Australia iron ore developer Flinders Mines Limited.
This is Magnitogorsk Iron and Steel Works' (MMK) second major acquisition in Australia.
Corrs Chambers Westgarth advised MMK with lead partner and co-chair of the firm's China practice Adam Handley. Handley was supported by partners Stephanie Daveson, David Hallam and Jonathan Leek, as well as lawyers Tighe Whelan, John O'Grady, Simon Mifsud and Aidan Lavin.
DMAW Lawyers in Adelaide advised Flinders Mines.
MMK offered to acquire 100 per cent of the issued shares in Flinders at $0.30 cash per share by way of scheme of arrangement,valuing Flinders at more than $550 million.
The acquisition of Flinders will give MMK, one of the world's largest steel producers and a leader in Russia's steel industry, control of one of the last independent quality iron ore development projects in the West Pilbara region of Western Australia.
The deal is subject to regulatory approvals and is expected to close in March 2012.