Billionaire Andrew Forrest’s Fortescue has launched an off-market bid to acquire Red Hawk, the owner of a key iron ore deposit near Fortescue’s existing Pilbara mines, as part of a strategy to secure longer-term growth on home soil.
The board of Red Hawk has agreed to sell its Blacksmith iron ore deposit, located 30 kilometres west of Fortescue’s Solomon operations in the Pilbara, in a deal valued at about $254 million. But Fortescue will need the support of the target’s shareholders to secure the deal.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.