Singapore investment house Temasek has dumped its full stake in Fortescue Metals Group Ltd
(ASX:FMG) in a deal worth up to $880 million. Temasek held a 4.1 per cent interest in Australia’s third largest iron ore miner which it offloaded late Wednesday through Morgan Stanley.
Fortescue CEO Andrew Forrest remains the company’s largest shareholder with a 31 per cent interest valued at near $7 billion.
Earlier this week Fortescue posted a 9 per cent lift in iron ore production to 9.93 million tonnes in the December quarter compared to the year before.
Fortescue generated a net profit of $682 million in the twelve months to 30 June 2010.
