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An announcement from Fortescue Metals Group Ltd ( (AU:FMG) ) is now available.
Fortescue Metals Group Ltd, via its subsidiary FMG Pilbara Pty Ltd, has announced a compulsory acquisition of the remaining shares of Red Hawk Mining Limited, following an off-market takeover bid. FMG Pilbara has acquired a relevant interest in over 90% of Red Hawk’s shares, allowing it to exercise the right for compulsory acquisition under the Corporations Act. This strategic move is expected to consolidate Fortescue’s position in the mining sector and potentially enhance its operational scale. Shareholders of Red Hawk who have not accepted the offer by the closing date will have their shares acquired at A$1.20 per share, the same terms as the initial offer.
More about Fortescue Metals Group Ltd
Fortescue Metals Group Ltd, through its wholly-owned subsidiary FMG Pilbara Pty Ltd, operates in the mining industry. The company focuses primarily on the production and export of iron ore, with significant operations in the Pilbara region of Western Australia.
YTD Price Performance: 6.18%
Average Trading Volume: 9,353
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $38.17B
For a thorough assessment of FMG stock, go to TipRanks’ Stock Analysis page.
