Valin inks $798 million Fortescue deal

The Chinese firm agrees to acquire 16.5% of Fortescue Metals Group in the third deal by a Chinese company in Australia this month.

Hunan Valin Iron and Steel Group Company Valin will acquire a 16.5% stake in Australia's Fortescue Metals Group through a combination of new equity and a sell-down by an existing shareholder. The total outlay is A$1.24 billion $798 million.

Valin will buy 225 million new shares of Fortescue at a price of A$2.48 per share, providing A$558 million of funding for the iron ore company. It will also purchase 275 million shares from investment firm Harbinger Capital at the...

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