Chanticleer
Fortescue plunge reveals huge shoes to fill
Fortescue was fortunate to have such a sticky institutional backer for as long as it did. Now, it needs to find broader support.
Fortescue could use a new friend. And quickly. The stock dropped like a stone on Tuesday, taking the benchmark S&P/ASX 200 down with it.
Why? Because it lost one of its two big long-term backers; the sort of shareholder that picks and sticks and helps someone like Andrew Forrest have the certainty and platform to create a $63 billion miner.
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