Flinders Mines, owner of the Pilbara iron ore project in Western Australia, has received initial court approval for its $554 million takeover offer from Russia's Magnitogorsk Iron and Steel Works.
The Federal Court of Australia today approved the plan, where MMK will offer Flinders shareholders 30 cents per share, and ordered a meeting of shareholders to vote on the scheme.
The takeover is also subject to a final hearing on April 3.
Flinders' board of directors said they continue to unanimously recommend shareholders vote in favour of the scheme.
At close of trade today Flinders stocks were steady at 29.5 cents.
