20/08/2021 - 10:00

Forrest takes stake in Western Areas

20/08/2021 - 10:00

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Andrew Forrest’s Tattarang has bought $38 million of Western Areas shares since March, revealed a day after IGO confirmed the nickel miners were in takeover discussions.

Andrew Forrest's Tattarang has bought almost 17 million shares in Western Areas. Photo: Attila Csaszar

Andrew Forrest’s Tattarang has bought $38 million of Western Areas shares since March, revealed a day after IGO confirmed the nickel miners were in takeover discussions.

Tattarang’s wholly owned exploration company, Wyloo Metals, purchased almost 17 million shares in Western Areas between March 22 and August 19 for a 5.3 per cent voting power.

It follows Tattarang’s recent $46 million investment in Tasmanian fish-farming business Huon Aquaculture Group, which was widely reported as an effort to stop a takeover from Brazilian meat processing giant JBS.

Yesterday, IGO confirmed it was in preliminary talks with Western Areas related to a change of control proposal but said there was no certainty as to whether a transaction would eventuate.

Both parties have begun their due diligence.

Shares in Western Areas have risen 20 per cent since close of trade on August 18, to $2.98 as at 11:37pm AEST. That implies a market capitalisation of about $900 million.

The company runs the Forrestania operations in the Fraser Range, and is developing the nearby $299 million Odysseus mine, which forms part of its larger Cosmos project.

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