Fortescue Metals Acquires 15 Percent of Atlas Iron

Jun. 07, 2018 04:30PM PST

In the release, Fortescue said they did not support the takeover arrangement of Atlas Iron by Mineral Resources under its current terms.

Fortescue Metals Group(ASX: FMG) has agreed to acquire 15.0 percent of the ordinary shares in Atlas Iron Limited (ASX:AGO) at a price of A$0.04 per share, bringing the companies stake to 19.9 percent.

In the release, Fortescue said they did not support the takeover arrangement of Atlas Iron by Mineral Resources (ASX:MIN) under its current terms.

As quoted in the press release:

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.

Click here to view the full Fortescue Metals Group (ASX:FMG) press release.

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