Fortescue Metals Group Ltd (ASX:FMG) rejects takeover offers April 12, 2010 08:03 AM
Fortescue Metals Group Ltd (ASX:FMG) rejects takeover offers
Fortescue Metals Group Ltd (ASX:FMG) has reportedly rejected takeover offers from a number of major mining groups.
CEO Andrew Forrest has told The Australian newspaper that the company has received serious interest from rivals to acquire the $15.5 billion company, but is not interested in selling.
Mr Forrest would not reveal who the interest was from, but sources close to the miner say the worlds largest steel maker, Arcelor-Mittal, and Anglo American are among the companies that recently visited Fortescues production sites in Western Australia.
Interest in Fortescue is mounting now that the company is on its way to mining over 40 million tonnes of iron ore each year.
Mr Forrest has also reiterated that the company has had interest from a number of Chinese and Indian businesses in its plan to sell up to half its shares in its iron ore holdings.
Last year, the miner was in talks with several Chinese groups, including the China Investment Corporation and a number of state-owned banks.
Fortescue Metals Group booked a profit of $626.13 million for the 2009 financial year.
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