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FORTESCUE TO KEEP INDEPENDENCE DEPSITE CHINA DEAL: CEO.
CANBERRA, April 1 Asia Pulse - Fortescue Metals Group (ASX:FMG) will maintain its independence even after a Chinese steel company increases its stake in the West Australian miner, the group's chief executive Andrew Forrest says.
Federal Treasurer Wayne Swan on Tuesday allowed Hunan Valin Iron and Steel Group to lift its stake in Fortescue to 17.55 per cent, from 9.79 per cent, through a A$645 million (US$448.59 million) equity investment deal.
The transaction was announced in late February.
Mr Forrest says the Chinese investment is needed because capital is in short supply.
"I feel that we have been able to raise much-needed capital ... in a way that is totally friendly to Australia," Mr Forrest told ABC Radio.
The resources boss, also known as Twiggy, said Australia's sovereignty would be safe as local shareholders kept a majority stake in Fortescue.
"For five years, almost ...
- CHINA: HUNAN VALIN STEEL GROUP AND MITTAL FORMED A JV.
- Newspaper article from: IPR Strategic Business Information Database October 20, 2005 700+ words
...According to fdi.gov.cn: Hunan Valin Steel Group and Mittal, the largest steel...transfer of shares. The new JV, Hunan Valin Steel Tube & Wire Co...January 14 this year, Valin Steel Group and Mittal signed a share transfer...
- Mittal exploring alliance with Chinese steelmaker.(Steel)(Mittal Steel Company...
- Magazine article from: Purchasing February 3, 2005 700+ words
...steelmaker. Mittal is in preliminary talks with Hunan Valin Iron & Steel Group about a "potential business transaction" with...this quarter for the purchase of International Steel Group Inc. of Richfield, Ohio. At the time the...
- AUSTRALIAN GOVT ALLOWS HUNAN VALIN TO LIFT STAKE IN FORTESCUE.
- News wire article from: AsiaPulse News March 31, 2009 700+ words
...Tuesday gave the green light for Hunan Valin Iron and Steel Group to lift its stake in Fortescue...steel than Japan. If the Hunan Valin deal clears the final hurdle...sufficiently bolstered by the Hunan Valin deal. Mr Rowley said he was...
- Hunan Valin reports 1Q04 net profit rise of 63% year-on-year.
- Newspaper article from: China Business News April 19, 2004 700+ words
Hunan Valin reports 1Q04 net profit rise of 63...INTERFAX-CHINA - Shenzhen-listed Hunan Valin Steel Tube and Wire Co. Ltd. (Valin...a listed company affiliated to the Hunan Valin Iron and Steel Group Co., China's tenth largest steel...
- HUNAN VALIN REPRESENTATIVE APPOINTED TO FORTESCUE BOARD.
- News wire article from: AsiaPulse News June 12, 2009 700+ words
...miner's second largest shareholder to its board. Hunan Valin Iron and Steel Group Company Ltd chairman Li Xiaowei was appointed a...Friday. Mr Li's appointment was flagged when Hunan Valin took a 17.33 per cent stake in Fortescue in April...
- AUST MINER FORTESCUE SHARES RISE ON HUNAN VALIN OFFER.
- News wire article from: AsiaPulse News April 22, 2009 700+ words
...Development Reform Commission (NDRC) approved Hunan Valin Iron and Steel Group Company Ltd's proposed investment in the iron...2.48 per share." The placement will make Hunan Valin the second largest shareholder in Fortescue, behind...
- Mittal Steel Company N.V. Signs Agreement To Acquire 37.17% Of Hunan Valin...
- Press release article from: Business Wire January 14, 2005 700+ words
...it has signed a share purchase agreement with Hunan Valin Iron & Steel Group Co., Ltd. ("Valin Group") to acquire 37.17% of the outstanding shares of Hunan Valin Steel Tube & Wire Co., Ltd. (the "Company...
- Hunan Valin Steel posts net profit up 12.9% to USD 64.6 mln in 2002.
- Newspaper article from: China Business News February 19, 2003 700+ words
Hunan Valin Steel posts net profit up 12.9...INTERFAX-CHINA - Shenzhen-listed Hunan Valin Steel Tube & Wire Co., Ltd...company is 74.35%-owned by the Hunan Valin Steel Group Co. engaging in steel smelting, rolling...
Source: HighBeam Research, FORTESCUE TO KEEP INDEPENDENCE DEPSITE CHINA DEAL: CEO.