The Verwey phase transition in magnetite is analyzed on the basis of the Landau theory. The free energy functional is expanded in a series of components belonging to the primary and secondary order parameters. A low-temperature phase with the monoclinic P2/c symmetry is a result of condensation of two order parameters X_3 and Delta_5 . The temperature dependence of the shear elastic constant C_44 is derived and the mechanism of its softening is discussed.
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