Fortescue tight-lipped over BHP takeover rumours
Posted
Updated
Keeping mum...FMG shares enjoyed a 42pc surge on the market today. (ABC TV)
Fortescue Metals Group has refused to comment on suggestions it is in takeover talks with BHP Billiton, after its shares surged more than 40 per cent.
It has been a weak day on the share market for most of the mining sector, but not for FMG shares.
The Australian Securities Exchange (ASX) queried the stock's surge but FMG said it could not explain it.
Fortescue shares have dived from their $13 high in June to as low as $1.16 last week. Its shares closed up 21 per cent to $2.50 today.
News agencies have reported rumours that Fortescue is the subject of interest from BHP Billiton or Chinese companies.
Fortescue says while it does hold confidential discussions over investment opportunities from time to time, they are not at a level that could be considered complete.
BHP will not comment on the speculation.
Search for news
ABC News Online takes a look at the big stories from 2008.
