Andrew Forrest gifts $10m in shares

Fortescue Metals Group chief executive Andrew Forrest has gifted nearly $10 million worth of shares to various recipients.

In a notice to the Australian Securities Exchange, Mr Forrest gifted 2.665 million shares to "various transferees" in an off-market trade.

At today's closing price of $3.66, the share gift was valued at $9.75 million.

Following the transaction, Mr Forrest held 973 million Fortescue shares or 31.5 per cent of the company.