The Supreme Commercial Court has dismissed a motion filed by Silvinit minority shareholders to reconsider their motion against the company’s acquisition by Uralkali in 2011, Uralkali’s press release reads.
According to the report, a panel of judges decided to dismiss claims against Acron, Licona (International) Limited, Medvezhonok Holdings Limited and ROF (Cyprus) Limited.
In January 2011, Acron and Licona filed a motion with the Perm Regional Commercial Court against Silvinit. The plaintiff sought to invalidate the decisions made by the board of directors on December 20, 2010 regarding the possible accession to Uralkali. Furthermore, in February 2011 Acron, Licona, Medvezhonok and ROF lodged a motion against Uralkali and Silvinit to cancel decisions taken during the extraordinary shareholders’ meeting on February 4, 2011 and the merger agreement. Both motions were later combined into one proceeding and the Perm Regional Commercial Court ruled against the claims on May 31, 2011.
Uralkali and Silvinit announced the acquisition deal in December 2010. In January, the majority of shareholders (98.9 percent of Uralkali’s shareholders and 90.9 percent of Silvinit’s shareholders) approved the deal.
The acquisition has resulted in the establishment of the world’s third largest potash chloride producer, which will account for a 42 percent share of the global market.