Rinehart Launches Takeover Play For Atlas Iron

Gina Rinehart’s Hancock Prospecting has made a 4.2 cents a share cash offer for Atlas Iron – news that saw the company’s shares jump 22.2% to 4.4 cents each as punters speculated that either Fortescue Metals would jump in with a higher offer, or Mineral Resources would lift the terms of its all paper, 3.2 cents a share offer.

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Atlas Feels The Weight Of The World

Consensus estimates for full year net profit for Atlas Iron (AGO) for FY12 stood around $121 million, so the result of $72 million released yesterday was well below expectations. There was little good news in the result, as revenues were lower than forecast and costs higher and the second half result was particularly weak.

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