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Noble Group in Talks to Buy 10% Stake in Fortescue (Update2)
July 10 (Bloomberg) -- Noble Group Ltd. may pay a 75 percent premium to buy a 10 percent stake in Fortescue Metals Group Ltd., which is seeking partners for a $1.9 billion iron ore project. Fortescue shares rose to a record.
Noble, a supplier of raw materials from coffee to ethanol, may pay $270 million to $300 million for the shares in Fortescue pending an agreement on a venture to sell iron ore produced in Western Australia, the two companies said in statements today.
Fortescue needs an equity investor before it can sell debt to fund the project, slated to ship iron ore to China from the first quarter of 2008. Hong Kong-based Noble will gain increased market share in the world's largest consumer of the steelmaking component.
``Noble is very bullish on the China outlook and they know the market very well, so that's an endorsement,'' Mark Pervan, head of research at Daiwa Securities SMBC, said in Melbourne.
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Nigeria: Transcorp Gets 60-Day Extension On $750m Payment for NITEL
A MAJOR relief came the way of Transcorp yesterday when the potential new owners of NITEL were given 60 days extension period within which to make payments for the ailing national carrier. A source close to Transcorp which spoke to Saturday Vanguard yesterday said the grace period was to allow both BPE and Transcorp sort out the final details of the share purchase structure and also to allow the banks complete the due process for a loan of that magnitude.
The initial seven business days period given Transcorp expired Thursday night and instead of the directors of the company dropping a draft for $500 million as initial payment from a total value of N750 million, they obviously discussed the impossibility of such action and pleaded reason why BPE should reconsider its position. An official of the Bureau of Public Enterprises (BPE) confirmed in Abuja, yesterday, that Directors of Transcorp which has Dr.