HONG KONG (Dow Jones)--China Investment Corp., China's sovereign-wealth fund, and coal miner China Shenhua Group have been in informal talks to buy a 15.85% stake in Australian iron-ore miner Fortescue Metals Ltd. (FMG.AU) in a deal worth US$2 billion, the South China Morning Post reported Monday, citing unnamed sources.
The Fortescue deal "is really early so let's see if a memorandum of understanding materializes" one of the sources was cited as saying.
If the sales proceeds, Harbinger Capital Partners, a U.S.-based investment unit of Harbert Management Corp., would sell its 15.85% stake in the Australian company to the Chinese fund and coal miner, the report said.
Harbinger is the second-largest shareholder in Fortescue after the company's founder, John Andrew Forrest, with a 35.97% stake, the report said.
Newspaper Web site: http://www.scmp.com
-By Hong Kong Bureau, Dow Jones Newswires; 852-2802-7002; [email protected]
dj china wealth fund shenhua in talks for fmg
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