DJ Sintosteel Confirms Interest In Fortescue Stake- Report...

DJ Sintosteel Confirms Interest In Fortescue Stake- Report

MELBOURNE (Dow Jones)-- Sinosteel Corp.'s Australian arm has confirmed it is in
discussions with Harbinger Capital Partners (HCP.XX) to purchase a stake in iron ore
producer Fortescue Metals Group Ltd. (FMG.AU), The Australian Financial Review reported
Monday.
"We are seriously interested for sure," Sinosteel Australia deputy general
manager William Ren told the newspaper. "They want to cash out and we are in
discussions with them."
Ren said the steel trader was interested in acquiring Harbinger's entire 16%
stake, although the U.S.-based fund said it was only prepared to sell half of its stake.
The value of Harbinger's stake climbed to A$4.4 billion Friday, after
Fortescue's shares reached a record A$9.98, before falling to close at A$9.56.