A big fund manager sent JPMorgan out to find buyers for a billion-dollar sell-down of Fortescue after the closing bell.
Street Talk can reveal fund managers were being offered the shares at $21.60 apiece, representing a 6 per cent discount to Fortescue’s last traded price.
The parcel represented 1.6 per cent of the company, and was a cleanup trade on behalf of a big fund manager, sources said. It was run as a fixed-priced trade.as China’s stimulus to revive construction has failed to boost steel demand. Meanwhile, the conga line of executives filtering out of its top ranks has continued.
Earlier this month, Julie Shuttleworth, a trusted Forrest lieutenant for a decade and one-time deputy chief executive officer, resigned. Last year’s departures included long-serving chief financial officer and former Reserve Bank of Australia deputy governor Guy Debelle, who lasted just five months as CFO of the green energy division and severed his final links to Fortescue last September.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FMG ASX: Fortescue accuses former employees of intellectual property grabAndrew Forrest’s company has launched legal action against two of the architects of its clean energy pivot over claims they copied a green iron technology.
Read more »
ASX FMG: Fortescue’s British Formula 1 car designer loses chief executiveThe Williams Advanced Engineering boss is the latest executive to exit Andrew Forrest’s empire. WAE is central to the company’s batteries ambitions.
Read more »
ASX 200 LIVE: ASX to fall, Nasdaq and S&P 500 extend advancesShares flat. Telix scraps US IPO. Bank of Japan ahead. S&P 500 hits record high. Citi upgrades copper. Trump says he wants to trim US corp taxes. Follow here.
Read more »
ASX 200 LIVE: ASX to fall, Apple resets record highAustralian shares are set to extend their losses. BHP and Rio drop. Apple leaps 7.3pc to record high. China and US price data next. Follow updates here.
Read more »
ASX 200 LIVE: ASX to rise, Nvidia leaps as megacaps rallyAustralian shares to rise. Telix unveils $300 million Nasdaq IPO. Gold, oil rise. Iron ore slips. Bank of Canada cuts rates. Follow updates here.
Read more »
ASX 200 LIVE: ASX to edge up, Wall St awaits May jobs dataAustralian shares are set to rise, helped by commodities. S&P 500 dips as Nvidia, Apple slip below $US3 trillion mark. Follow updates here.
Read more »