02 Mar 2009

Clayton Utz advises Fortescue on Chinese investment

Perth, 2 March 2009: The Clayton Utz Corporate M&A team advised long-term client Fortescue Metals Group Ltd on its recently announced deal with one of China’s leading steel mills, Hunan Valin Iron and Steel Group Company (Valin).

The A$558 million investment will see Valin subscribe for 225 million new Fortescue shares under a Share Subscription Agreement . Valin has also entered into an agreement to purchase 275 million existing shares from a large Fortescue shareholder, Harbinger Capital Partners.

Subject to satisfying regulatory conditions, the acquisitions will give Valin an approximate 16 percent stake in Fortescue.

Perth Corporate M&A partner Mark Paganin led the Clayton Utz advisory team, which includes partners Peter Wilkes and Matthew Johnson.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.