Speculation has emerged over the identity of Fortescue Metals Group Limited’s
(ASX:FMG) new shareholder.
The Australian Financial Review says that Canadian miner Teck Resources is the most probable buyer of a 2.89 per cent stake in the Pilbara focussed iron ore miner worth about $480 million.
The paper reports that Fortescue knows who the buyer is but is keeping a lid on its identity while the shareholding remains below the 5 per cent substantial shareholding threshold.
At the beginning of this month reports emerged that Leucadia National Corporation, one of Fortescue’s long term shareholders, had sold down more of its stake in the company.
Shares in Fortescue Metals Group closed 2.78 per cent lower on Friday at $5.24.
In the 2011 financial year Fortescue Metals Group reported a net profit of $952 million.
