finance
Mining Billionaire Andrew Forrest to Buy 16.8% Stake in Tungsten Producer
Andrew Forrest agreed to purchase a 16.8% stake in the Sydney-listed tungsten producer from Oaktree Capital Management. Shares in the company rose after the transaction was announced.
Jul 19, 11:45 PM·1m read2 sources
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Mining billionaire Andrew Forrest agreed to acquire a 16.8% stake in the Sydney-listed tungsten producer from Oaktree Capital Management. The purchase was disclosed in a filing that also showed the shares changing hands at a premium to the previous closing price.
Trading in the producer's shares increased sharply after the announcement became public. The move lifted the stock from its prior session close. The transaction transfers ownership from Oaktree Capital Management to Forrest's investment vehicle.
The tungsten producer is listed on the Australian Securities Exchange in Sydney. No further terms of the agreement were released in the initial disclosure.
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