FMG biding its time on Atlas

SPECULATION about the intentions of Fortescue Metals Group in relation to its shareholding in Atlas Iron continue to mount.

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Atlas' facilities at Utah Point

When FMG first bought its 19.9% stake in Atlas, it made it clear that it would not support an agreed scrip takeover by Mineral Resources.

With that offer now dead, FMG has made no comment on whether it will back a cash offer from Hancock Prospecting, or whether it will make its own rival bid.

However, when the company applied to the Takeovers Panel yesterday over "misleading statements and material omissions" regarding Hancock's bidder's statement, it became clear FMG wasn't going to go down without a fight.

The panel has made no decision on the application and it remains to be seen whether a supplementary bidder's statement released yesterday afternoo...