Reuters reported that Rebel shareholders in Ukrainian iron ore producer Ferrexpo will fail in a bid to oust the group's chief executive and appoint two new board members at an extraordinary general meeting on Friday.

According to Reuters data Ralkon Commercial Ltd owned by Ukrainian businessman Mr Igor Kolomoisky and Fayver Properties Inc together hold more than 10% of Ferrexpo's shares, but need a majority to pass the resolutions at the EGM.

According to Reuters data, Mr Kostyantin Zhevago CEO of Ferrexpo holds 51% of the London-listed company's shares while RPG Industries SE which became the second-largest shareholder after acquiring shares from Mr Zhevago has a 25% stake.

Ralkon and Fayver want Mr Gennadiy Bogolyubov owner of Fayver and founding shareholder of Ukraine's largest bank PrivatBank, and Mr Gregory Gurtovoy chairman and chief executive of investment bank Renaissance Capital Ukraine appointed to Ferrexpo's board.

Ukrainian billionaire Mr Bogolyubov took over Australian manganese and iron ore producer Consolidated Minerals Ltd in January 2008 with a AUD 1.01 billion hostile offer.

(Sourced from Reuters)