OREANDA-NEWS. May 28, 2012. Uralkali (LSE: URKA) informs that the judicial board of the Supreme Commercial court of the Russian Federation rejected the request filed by OJSC Acron, Licona (International) Limited, ROF (Cyprus) Limited and Medvezhonok Holdings Limited to review the claim against Uralkali and Silvinit.

In January 2011, OJSC Acron and LICONA (INTERNATIONAL) LIMITED filed a claim against Silvinit in the Perm Region Arbitration Court seeking to invalidate the decisions of the Board of Directors of Silvinit taken on 20 December 2010 in relation to the proposed merger with Uralkali.

In February 2011, OJSC Acron, Licona (International) Limited, ROF (Cyprus) Limited and Medvezhonok Holdings Limited filed a claim against Silvinit and Uralkali seeking to invalidate decisions approved by the EGM of Silvinit on 4 February 2011, and the merger agreement entered into between Uralkali and Silvinit.

Later both claims were combined into one judicial proceeding. Therefore on 31 May 2011 the Perm Region Arbitration Court rejected all above mentioned claims in full. Subsequently, the Seventeenth Arbitration Court of Appeal and Federal Arbitration Court of the Urals District supported the decision of the Perm Region Arbitration Court.

Vladislav Baumgertner, Uralkali CEO:

“We welcome the decision of the highest court that rejected the claim against the merger between Uralkali and Silvinit. Twelve months that have passed since the completion of the merger have fully proved its economic rationale and benefits for all stakeholders. The combined Company works efficiently and demonstrates high operational and financial results.”