Australia’s Fortescue Metals appeals to regulator on Rinehart-Atlas Iron bid

Image courtesy of Fortescue Metals Group.

June 26 (Reuters) – The Australian Government Takeover Panel said on Tuesday it received an application from a unit of iron ore miner Fortescue Metals Group regarding an offer by a Hancock Prospecting Pty unit for Atlas Iron Ltd.

NCZ Investments Pty, a Fortescue unit, seeks interim orders to restrain Gina Rinehart controlled-Redstone Corp Pty from dispatching its bidder’s statement, the panel said.

The unit is also seeking to stop Hancock Prospecting and Redstone from buying any more Atlas shares until further disclosure is provided.

A sitting panel has not been appointed and no decision has been made whether to conduct proceedings, the regulator said.

(Reporting by Aaron Saldanha in Bengaluru; Editing by Sherry Jacob-Phillips)

12 0

More Australia News