It is reported that speculation has resurfaced that sovereign wealth fund China Investment Corporation is looking to buy into iron ore miner FMG.
It may be pointed out that FMG was earlier forced to deny a report in Hong Kong's South China Morning Post that said Mr Andrew Forrest head of Fortescue was in talks with China Investment Corporation.
Without naming its sources, the report said the USD 200 billion China Investment Corporation could bring in Baosteel Group, Fortescue's biggest customer and China Shenhua Energy.
In February 2008, Fortescue's shares had received a boost on reports China Investment Corporation and Shenhua were looking to take big stakes in the miner.
Fuelling speculation that Baosteel could be involved, Taiwan's Chinese Steel Corporation said that it would probably team up with Baosteel to invest in mining and marine shipping.
Another possibility is that China Investment Corporation is in talks with US hedge fund Harbinger Capital Partners which owns 15.8% of Fortesccue. The fund was unable to realize huge on paper gains this year, as Fortescue's share price surged to USD 13 in June 2008 valuing Harbinger's stake at USD 5.8 billion before plummeting.
http://steelguru.com/news/index/2008/11/18/NzE4MjI%3D/FMG_takeover_rumors_resurface_in_market.html
fmg takeover rumors resurface in market
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$19.49 |
Change
0.320(1.67%) |
Mkt cap ! $60.00B | |||
| Open | High | Low | Value | Volume |
| $19.06 | $19.51 | $18.92 | $114.2M | 5.891M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $19.48 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.50 | 5200 | 4 |
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| FMG (ASX) Chart |