Moscow-OJSC Uralkali said Feb. 3 that following a hearing to consider preliminary measures sought by OJSC Acron and Licona International Ltd. in connection with a claim brought by them against OJSC Silvinit in the Perm Territory Arbitrazh (Commercial) Court, the court rejected the preliminary measures sought by the claimants and scheduled a hearing for March 11 to consider the merits of the claim. The claimants have sought to invalidate the decision of the Silvinit board of directors on Dec. 20, 2010, (GM Jan. 3, 2011) to approve the decisions related to the proposed merger with Uralkali. As a result of the court’s decision, the Silvinit extraordinary general shareholders meeting scheduled for Feb. 4 to consider the proposed merger with Uralkali will proceed as planned. Silvinit believes that the claims are entirely without merit and intends to contest them vigorously.
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