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China's filter bag Valin in talks to buy stake in Fortescue

Postby xuzh51 » Mon Aug 22, 2011 2:39 am

China's filter bag Valin in talks to buy stake in Fortescue

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China's Valin in talks to buy stake in FortescuePublished: 25 Feb 2009 18:34:40 PST<p class="authorInfor"]</p]<!--begin CK content--]<P]Feb. 25, 2009 (China Knowledge) - China's Hunan Valin Iron and Steel Group is in talks with Australia-based Fortescue Metals Group Ltd (Fortescue) on acquiring a 13% stake in the latter, sources reported.</P]<P]Valin is expected to pay A$500 million (US$318 million) for 225 million new shares in the Perth-based iron ore exporter.</P]<P]Valin will take into consideration of Fortescue's liability status and the potential risks of the investment, said Li Jianguo, general manager of Valin, without providing further details.</P]<P]Last week, Fortescue said it was in talks with the state-owned China Investment Corp (CIC) and London-based Anglo American plc on the capital injection plan. Some analyst noted that CIC is supporting Valin for the deal.</P]<P]In December, 2008, Valin and Fortescue signed a strategic cooperative agreement, which enables two companies to cooperate in low-grade iron ore exploration and processing.
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