Glencore considered Fortescue takeover in 2016, but Forrest wasn’t keen

Original article by Perry Williams
The Australian – Page: 13 & 15 : 6-Jan-20

Sources have indicated that Anglo-Swiss mining giant Glencore held internal talks regarding a potential bid for Fortescue Metals Group in 2016. It is believed that Glencore looked at a possible approach to Fortescue in order to diversify into iron ore and to capitalise on a sharp fall in the price of the steel input at the time. Glencore has declined to comment, while Fortescue CEO Elizabeth Gaines says the company is focused on growing its business. Glencore had previously sought to expand into iron ore in 2014, via a $190bn merger proposal with Rio Tinto.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, COAL AND ALLIED INDUSTRIES LIMITED

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