Nothing but negotiation

 
The Gap Partnership

MMK to acquire Flinders Mines Limited

A deal has been reached that will net Flinders Mines Limited some AU$554 million.

25 November 2011

Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) is to acquire Flinders Mines Limited for AU$554 million (£347 million).

It means MMK will get its hands on a high-quality iron ore development project, while it will also add to the resource base it has.

Victor Rashnikov, chairman of the board of directors at the firm - whose revenue in 2010 was $7,719 million (£4,971 million) - said he was "delighted" that the business negotiations have been completed.

"This transaction represents another important step forward for MMK to become [a] highly efficient vertically integrated international metals and mining company," he added.

The deal has been earmarked for completion in March 2012, subject to the usual regulatory approval being met.

Mr Rashnikov is confident the group will go on to become one of the biggest players in the Australian iron ore market and the board of directors at Flinders has unanimously backed the move.

Posted by David Gleck

Source: MMK press release, November 25th
 

Gap News

March 2014

The Negotiation Roadshow 2014

Generating value through creative negotiation

Read more


July 2013

Trading Global: Negotiating in the Far East

The Gap Partnership are hosting a complimentary Lunch & Learn seminar in association with UK Trade & Investment

Read more


April 2013

GroceryAid Negotiation Event Raises £26,550

The Gap Partnership, in conjunction with Asda, SC Johnson and Waitrose, host one-day negotiation workshop

Read more


February 2013

Trading Global - Negotiating in the Far East

What is the impact of cultural differences on your negotiations?

Read more


December 2012

The Gap Partnership Release New Negotiation Video

The Nothing but Negotiation video series continues with collaborative negotiation

Read more