Billionaire battle as Rinehart bids $390m for Atlas

Original article by Paul Garvey
The Australian – Page: 17 & 20 : 19-Jun-18

Hancock Prospecting’s cash offer of $A0.042 per share for Atlas Iron and follows its recent acquisition of a substantial shareholding in the iron ore miner. Mineral Resources has previously offered $A0.036 per share for Atlas in a scrip bid, while Andrew Forrest’s Fortescue Metals Group has acquired a 19.9 per cent stake in Atlas. There is speculation that mining magnate Gina Rinehart is primarily interested in two proposed new berths at Port Hedland, which are adjacent to Hancock’s existing berths. However, the Western Australian Government would have to back down on its stance that junior iron ore miners should have priority access to the new berths.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG, REDSTONE CORPORATION, SHAW AND PARTNERS LIMITED, WESTERN AUSTRALIA. DEPT OF TRANSPORT, AWE LIMITED, MITSUI AND COMPANY LIMITED

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