Chalco, Sinosteel, Baosteel Rush for Fortescue Metals, Australian Media Says

Chalco, Sinosteel Corporation and Baosteel Co.,Ltd are competing for buying shares of Australian Fortescue Metals, reported by Australian media. Harbinger Capital Partners, a long-term American investor of holding a 16% stake in Fortescue, intends to cut its holding for more profit from the growing price of Fortescue. Harbinger may sell half of the stake to a Chinese company at the most due to the Australian government’s concern over foreign investment. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.