In today’s briefing:
- Fortescue Placement – Discount Appears Attractive, but Momentum Has Been Very Weak
Fortescue Placement – Discount Appears Attractive, but Momentum Has Been Very Weak
- An undisclosed shareholder is looking to raise US$1.25bn (A$1.91bn) from selling some stake in Fortescue Metals (FMG AU).
- The deal is a large one to digest at 13 days of the stock’s three month ADV. The selling shareholder will be locked up for 45 days.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
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