Marimaca eyes ASX dual listing to boost Chile project
The Canadian miner has reportedly engaged law firm Thomson Geer to finalize a prospectus for listing in the ASX before Christmas.
Australian iron ore miner Fortescue Metals Group (ASX: FMG) said on Thursday the breakdown of executive chairman Andrew Forrest’s marriage will have no impact on the couple’s mining business or charity foundation.
The Forrests announced their decision to part ways on Wednesday evening after 31 years of marriage. “Our friendship and commitment to our family remains strong,” they said, following mounting speculation around a potential ownership reshuffle couple’s joint 36% stake in Fortescue.
Media reports also speculated that the separation of the iron ore producer’s biggest shareholders could change control and/or the direction of the company, raising the prospect of a takeover.
“There will be no change to the control, direction or major shareholding owned by Tattarang and Dr Forrest’s associated entities, except for what has been previously advised, that Dr. Andrew Forrest and Nicola Forrest will be transferring their wealth to charity over their lifetimes,” Fortescue told shareholders in the statement.
The company noted that Andrew Forrest would remain executive chairperson of Fortescue and chairperson of Tattarang and Minderoo Foundation.
Investment firm Morningstar said that even assuming a 50/50 split, the Forrests own about 18.5% each. “That’s a big stake,” analyst Jon Mills said. “If one of them were to sell it to a potential acquirer then, maybe, maybe, someone could buy Fortescue, but they are still probably going to need the other one to approve it.”
The Forrests gifted in June 220 million shares of Fortescue to their philanthropic Minderoo Foundation, worth an estimated A$4.8 billion ($3.3bn).
Minderoo has funded a range of initiatives since its inception in 2011, including ocean research, ending slavery and supporting cancer and community projects. The foundation controls about 30% of Fortescue’s shares.
The same month, 50 million of the Forrest family’s Fortescue shares were transferred to a company owned by Ms Forrest, Coaxial Ventures.
