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Fortescue announces acquisition of a stake in Atlas Iron

Mining News - Published on Thu, 07 Jun 2018

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Fortescue Metals Group has agreed to acquire 15.0% of the ordinary shares in Atlas Iron Limited at a price of A$0.04 per share. In addition, Fortescue has an economic interest through a cash settled swap relating to notional shares equivalent to approximately 4.9% of Atlas Iron’s ordinary shares. As a result, Fortescue has an aggregate physical and economic interest in 19.9% of Atlas Iron's ordinary shares.

Fortescue does not intend to support the proposed Scheme of Arrangement between Atlas Iron and Mineral Resources on its current terms, but reserves the right to do so.

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Posted By : Rabi Wangkhem on Thu, 07 Jun 2018
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