Court Stops $23.9B Uralkali-Silvinit Deal

A Russian court has halted the $23.9 billion merger of Russian potash miners, Uralkali and Silvinit.

A Russian court has halted the $23.9 billion merger of Russian potash miners, Uralkali and Silvinit, Reuters reports. Fertilizer group, Acron, which owns 6% of Silvinit, has claimed that the terms of the deal are unfavorable to Silvinit’s minor shareholders and better suited to those of Uralkali.

The court has issued a temporary injunction on the merger agreement pending a hearing on April 12, 2011. Uralkali’s acquisition of a 20% stake in Silvinit, which forms part of the merger process, will not be affected by the ruling.

Click here for the story from Reuters.

Click here for the additional coverage from Bloomberg.