AGO FRS

News: Atlas nears full control of FerrAus

  1. FNN News
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    21/09/11
    11:15
    Post #: 8988113
    .


    Atlas Iron Limited (ASX:AGO) is nearing full control of its takeover target, iron ore explorer FerrAus Limited (ASX:FRS).



    Hong Kong-based investment company, Wah Nam International, has today announced it will swap its 10 per cent stake in FerrAus for 10.2 million Atlas shares.



    The move comes after Wah Nam said in June it would abandon its own bid for FerrAus, leaving Atlas as the sole contender. 



    Before Wah Nam’s acceptance Atlas had secured an 83.77 per cent relevant interest in FerrAus.



    In the 2011 financial year, Atlas Iron reported a maiden net profit of $168.6 million.


    AGO Price at posting: $3.47 Sentiment: None Disclosure: Held
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