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Fortescue acquires 19.9% stake in Atlas Iron

Fortescue Metals Group Ltd. said June 7 that acquired a 19.9% stake in Atlas Iron Ltd. after acquiring common shares representing a 15.0% stake in Atlas at 4 Australian cents per share and economic interest representing 4.9% interest.

The Australian iron ore miner also said that in its current terms, it will not support Mineral Resources Ltd.'s proposed all-share play for Atlas Iron.

Under the deal, Atlas Iron shareholders would receive 1 Mineral Resources share for every 571 shares held, implying an offer price of 3.02 cents per Atlas share.