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Fortescue may sell

FORTESCUE Metals Group Ltd, Australia's third-biggest iron ore exporter, may sell a 13-percent stake to China's Hunan Valin Iron and Steel Group and investors, according to people familiar with the sale.

Valin is in talks to buy 225 million new shares from Perth-based Fortescue, the sources said, declining to be identified because the sale is confidential. Valin may pay A$2.48 (US$1.61) for each Fortescue share. A further 200 million new shares may be sold to investors.


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