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Fortescue follows bigger iron ore rivals with $500 million share buy-back

Brad Thompson
Brad ThompsonReporter
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Andrew Forrest's Fortescue Metals Group believes it has the timing right with a $500 million share buy-back that caught the market on the hop despite a recent tick up in prices for its lower grade iron ore.

The buy-back, announced on Thursday, came with the share price languishing at close to a 27-month low and signalled that management considered the stock undervalued.

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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
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    Original URL: https://www.afr.com/business/fortescue-follows-bigger-iron-ore-rivals-with-500-million-share-buy-back-20181010-h16hgf