The West Australian has it on good authority that Treasure Wayne Swan will approve Andrew Forrest s bid to sell a significant portion of his Fortescue Metals Group to Chinese Government-controlled Hunan Valin Iron and Steel.
Although the Foreign Investment Review Board (FIRB) is yet to announce its decision, the West Australian believes it will not object to the deal in its current form, but that if Valin were to seek to increase its stake from 17.4% the government would be provoked into considerable concern .
Presumably this deal does not trigger any national security warning signals, which blocked the Oz Minerals / Minmetals takeover bid last week.
Click here to read the full article.
Stocks for your watchlist:
OZ Minerals: OZL.AX (ASX)
Fortescue Metals Group: FMG.AX (ASX)
BHP Billiton: BHP.AX (ASX); BLT.L (London Stock Exchange); BHP.N (New York Stock Exchange)
Rio Tinto: RIO (ASX and LSE)