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MOSCOW, November 22 - RAPSI, Natalia Belova. The Moscow District Federal Commercial Court has declared a recess until November 29 in the hearing of an appeal filed by Max-Group founder Nikolai Maximov to reconsider his dispute with an iron and steel corporation, the court told the Russian Legal Information agency (RAPSI) on Tuesday.
In 2007, the Novolipetsk Iron & Steel Corporation (NLMK) acquired a 50-percent stake plus one share in Maximov's Maxi-Group, which comprises a number of companies ranging from scrap iron recyclers to steel and finished steel producers. The acquisition was based on an agreement that did not set a fixed price for the equity stake.
The final calculation was postponed until the due diligence of the MAXI-Group companies was completed. Meanwhile, Maximov received about 7.3 billion rubles ($236 million) upfront. Eventually, the parties disagreed about the transaction amount, which resulted in numerous lawsuits.
NLMK seeks to invalidate its contract with Maximov on the purchase of Maxi-Group stock dated November 22, 2007, and a refund of 7.3 billion rubles from Maximov.