Fortescue Metals Group Limited (ASX:FMG) is known to be in discussions to divest 40% stake in its Pilbara port and rail assets. It is known that the discussions have moved on from the 30% stake to 40% stake initially being put up for sale by Fortescue. Fortescue is thought to be looking at divesting slightly more than 40% of the assets. The company is unlikely to divest more than 50% of the assets. Lazard and Macquarie Capital are handling the sale process and short-listed parties have been given access to due diligence materials. Shortlisted bidders include Brookfield Infrastructure Partners L.P. (NYSE:BIP) and Temasek Capital. Global Infrastructure Partners is also reported to be part of the bidding process. Fortescue expects a $3 billion to $4 billion cash deal by the end of June, 2013.

Fortescue Metals Group Limited is seeking listing of its joint venture with Shanghai Baosteel Group Corporation in either Hong Kong or Shanghai. Neville Power, Chief Executive Officer of Fortescue, said that it was studying the feasibility of an initial public offering of FMG Iron Bridge, an iron ore project it jointly develops with Baosteel in Western Australia. He added that for location Fortescue would take into account the capacity of fund-raising in the market. He said the funds raised would be used on the project's development, without disclosing further details. Fortescue Metals owns 88% of FMG Iron Bridge and Baosteel owns the remaining 12% stake.

Fortescue Metals Group Limited Presents at Australia Conference, May-01-2013 . Venue: Hilton Hotel Sydney, Sydney, Australia.