Fortescue capital hopes hit snag
Updated: 08:55, Friday March 20, 2009
Fortescue Metals has hit a snag in its hopes for a $645 million capital injection from Chinese interests.
The Foreign Investment Review Board has delayed the proposed investment by China's Huan Valin Iron and Steel Group.
The deal would see Valin acquire a 17.5 per cent stake in Fortescue.
The Review Board will now extend its investigation into the transaction by up to 30 days.
It comes on the heels of a Senate inquiry assessing foreign investment into Australian companies, amid backlash from Rio Tinto's planned $19.5 billion funding deal with Chinalco.
http://www.skynews.com.au/business/article.aspx?id=313718
fortescue capital hopes hit snag
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