MOSCOW, May 30 - RAPSI. The Eighteenth Commercial Court of Appeals has declared a recess until June 6 in its hearing of the appeals filed by Magnitogorsk Iron and Steel Corporation (MMK) and Australian Flinders Mines Limited which seek the reversal of the interim relief which blocks MMK's purchase of a 100 percent stake in Flinders Mines, the purchaser told Prime information agency.

The company has declined to explain the reasons behind the delay.

MMK shareholder Elena Yegorova secured a pre-award relief in court, which banned the company from implementing the March 30 MMK board resolution to proceed with the purchase. Yegorova believes that the transaction infringes her rights as a minority shareholder and may entail certain financial and operational risks which could affect the return on her investments.

Yegorova's lawsuit will be considered at a trial court on July 2 behind closed doors. ММК and Flinders have challenged the injunction.

In April, the Chelyabinsk Regional Commercial Court denied MMK's request to lift the interim relief. It was later reported that the acquisition had been rescheduled by mutual agreement for June 30. The companies are hopeful that by this time the claims will be settled and the injunction canceled. According to the transaction implementation agreement, June 30 is the contracts termination date.

Market analysts doubt that the transaction will go ahead, as the litigation is likely to take several months.