Chinese buyers taking a look at FMG

The AFR reports that “Chinese-linked companies have applied to the Foreign Investment Review Board seeking permission for an investment involving Fortescue Metals Group. Australia's third-largest iron ore producer has held discussions with China's largest steel producer, Baosteel, and China's largest conglomerate, CITIC, about a recapitalision to shore up its balance sheet. It is unclear if the applications to FIRB are from CITIC or Baosteel but sources said there is interest in Fortescue from one or more companies which are Chinese or part-Chinese owned. (AFR Subscribers) (VIEW LINK)


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