TopNews – Fortescue Metals Group Ltd said Tuesday that Chinese steel maker Hunan Valin Iron and Steel will pay 558 million Australian dollars (357 million US dollars) for a 16.5-per-cent stake in the Australian iron ore miner.
Under what’s known as a stand-still agreement, Valin will undertake to hold no more than 17.5 per cent of Fortescue.
Valin will buy 225 million newly issued shares and buy 275 million Fortescue shares from US-based hedge fund Harbinger Capital.
