The REIT has posted a $21.2 million loss in the first half of the financial year, down from $99.4 million in the prior corresponding period.
The majority shareholder of iron ore junior Red Hawk Mining has accepted Fortescue’s bid to takeover the company hours before the offer’s deadline.
Backing of the off-market acquisition by New Zealand’s Todd Corporation gives Fortescue a 66 per cent hold over Red Hawk’s shares and its Blacksmith iron ore project.
That is short of the 75 per cent majority needed by 4pm WST Tuesday for Fortescue to offer its maximum $1.20-per-share price to shareholders.
If that mark is unmet, the offer price will stand at $1.05 per share.
In the first special report of the new year, Jack McGinn takes a deep dive into the risks facing business in Western Australia.
