SPOTLIGHT: Teck tipped as FMG stake buyer, prompts takeover rumours [CORRECTION]

Apr 16, 2012 | 07:09 AM |

[Amends headline] Canadian coal, zinc and copper miner Teck Resources sparked rumours that it could be looking to buy Australian iron ore miner Fortescue Metals Group (FMG) after it was tipped as the mystery buyer of a 2.89% stake in FMG in February. The buyer is believed to have invested around $480 million in the stake, but is not obliged to notify the market of its identity unless it exceeds the 5% shareholding mark. When questioned, Teck has remained non-committal about the possible purchase of the FMG stake. “We do make investments in various companies from time to time but we do not disclose what those investments are,” a spokeswoman for the company told Metal Bulletin. A spokeswoman for FMG said that....

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