MOSCOW, August 1 - RAPSI. The Moscow Commercial Court has stopped the proceedings in the Acron mineral fertilizer manufacturer's lawsuit to invalidate the tender on the sale of a 20 percent stake in Apatit and to obligate the Federal Agency for State Property Management to privatize its shares according to law, the court spokesperson told the Russian Legal Information Agency on Wednesday.

The proceedings were halted because the plaintiff refused to proceed with his claims.

The plaintiff did not specify its reasons for doing so at the hearing.

Acron reported in June that it decided not to take part in a tender to sell 1.67 million ordinary shares in Apatit, which were earlier federal property. The company revoked its application with the Federal Antimonopoly Service to agree upon the transaction to buy the shares, the company said.

The watchdog reported that it extended its consideration of Acron's application on the sale of the shares on June 13 until a government commission passes a decision.
According to the watchdog, the term for receiving tender proposals will be extended until September 15. It said this does not mean that a new tender has opened and new proposals will not be accepted.

As of late 2011, a 52-percent stake in Acron was controlled by offshore companies registered in Cyprus. A 19.78 percent stake in the company belongs to Russia's Acronagroservice.

Apatit is Russia's largest apatite concentrate manufacturer.

Its owners include Lacerta Holdings with a 6.9 percent of its ordinary shares and the Federal Agency for State Property Management with a 20 percent stake in the charter capital.