An unnamed institutional investor sold A$1.9bn of Fortescue Ltd shares, causing a 9% share price drop.
An unnamed institutional investor sold a A$1.9bn ($1.3bn) block of Fortescue Ltd shares, causing a 9% drop in the iron ore miner's share price. The sale, managed by JPMorgan, offered shares at a discounted price range of A$18.55 to A$19.10, leading to concerns over the company's stability and a need for a new major shareholder to fill the void. Fortescue has also scaled back its green hydrogen ambitions and plans to cut 700 jobs.
July 30, 2024
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