Atlas Iron Shares Halted Before Material Transaction By Ben Sharples
March 8 (Bloomberg) -- Atlas Iron Ltd., an Australian iron ore producer, halted its shares from trading in Sydney today before a statement on a potential material transaction.
The shares will remain halted until March 10 or when the statement is made, according to a statement today from the Australian stock exchange.
NMDC Ltd., Indias biggest iron-ore producer, teamed up with ABS Consulting and Boulder Steel Ltd. to make a $230 million bid for a stake in a project owned by Atlas, the Economic Times reported yesterday, citing a person it didnt name. A non-binding offer has been pitched to Atlas for a 70 percent stake, which may be the Ridley project in Western Australia, the Economic Times said.
Atlas said in January it expects to sell a stake in the A$3 billion ($2.7 billion) Ridley project in Western Australia by the end of the first half after lining up buyers from China, India, South Korea and Japan. The company wants to sell 70 percent, Chief Executive Officer David Flanagan said Jan. 7.
Atlas rose 4.3 percent to A$2.21 before the halt in trading in Sydney. The stock has gained 17 percent this year.
