Commodities Buzz: Fortescue Metals To Acquire 15% Ordinary Shares In Atlas Iron Limited

Fortescue Metals Group has agreed to acquire 15.0% of the ordinary shares in Atlas Iron Limited at a price of A$ 0.04 per share. In addition, Fortescue has an economic interest through a cash settled swap relating to notional shares equivalent to approximately 4.9% of Atlas Irons ordinary shares.

As a result, Fortescue has an aggregate physical and economic interest in 19.9% of Atlas Irons ordinary shares. Fortescue does not intend to support the proposed Scheme of Arrangement between Atlas Iron and Mineral Resources (ASX MIN, Mineral Resources) on its current terms, but reserves the right to do so.