Reuters exclusive on China/Fortescue $1 bln CB talks

Shares in Australian iron ore miner Fortescue jumped more than 4 percent minutes after Reuters broke exclusive news on Aug. 11 that CIC, China’s $200 billion sovereign wealth fund, is in advanced talks with the company for a $1 billion-plus convertible bond deal. The scoop follows a long period of speculation that Fortescue plans to strike a financing deal with China to fund its ambitious expansion plans. Fortescue shares jumped after the Reuters story was published, and closed up 1.2 percent in contrast to other mining stocks, while competitors Bloomberg and Dow Jones picked up the story with credit to Reuters.