From The Australian:
US fund management giant The Capital Group has taken advantage of this month’s slide in the share price of Fortescue Metals Group to add to its stake in Australia’s third-biggest iron ore miner.
Capital increased its stake in Fortescue to 7.08 per cent from 6.05 per cent previously, buying nearly 32 million shares since March 4 at an average price of $2.126 each, it said in a statement.
The Capital Group, which manages more than $US1 trillion in assets globally, first emerged with a 5.02 per cent stake in Fortescue in February. It is the third-biggest shareholder in the company, after founder Andrew Forrest and Chinese state-owned steelmaker Hunan Valin.
I have no idea what they are thinking other than “Chinese bailout”.
