Temasek's sale of Fortescue stake triggers sell-off

Temasek raises $879 million by selling its shares in the Australian iron ore producer, while two smaller placements in Singapore-listed First Resources and Hong Kong-listed China Wireless are completed on the same night.

Temasek Holdings’ sale of its A$876.5 million $879 million stake in Australian iron ore producer Fortescue Metals Group triggered a sell-off in the open market yesterday as investors tried to digest why the tight-lipped Singaporean investment company would want to cash in. The sale was completed through a Morgan Stanley-led block trade after the market closed on Wednesday.

While it wasn’t clear when Temasek made its investment, as the stake wasn’t large enough to trigger a public disclosure filing, Fortescue’s...

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