One of Fortescue Metals Group’s Limited
(ASX:FMG) long term shareholders has reportedly sold down more of its stake in the Pilbara focussed iron ore miner.
According to media reports the investment fund Leucadia National Corporation has told US regulators that it offloaded 100 million Fortescue shares worth more than $US500 million last week.
In 2009 Leucadia held about 9 per cent of Fortescue which was sold down to 7.9 per cent last year and now stands at less than 1 per cent.
A Bell Potter analyst has told The Australian Leucadia’s sale was likely made to profit on its original investment and that the fund will maintain exposure through its $US100 million in unsecured notes.
Shares in Fortescue Metals Group closed 1.39 per cent lower yesterday at $4.98.
In the 2011 financial year Fortescue Metals Group posted a net profit of $952 million.
