Recently, Australia’s richest man, Andrew Forrest, and his wife, Nicola Forrest, publicly announced their decision to undergo a marital change and pursue their “independent lives”. This decision has garnered significant attention, particularly concerning the development of the global mining giant, Fortescue Metals Group, which they both control.
Following an in-depth inquiry into a transaction that took place last month, the Forrest couple confirmed the end of their 31-year marriage. The transaction involved transferring Fortescue shares worth over 1.1 billion Australian dollars to a new company named Coaxial Ventures, fully owned by Nicola Forrest. Prior to this, in February, there were changes in the ownership structure of the Forrest family’s flagship private company, Tattarang Pty Ltd. Andrew Forrest transferred half of his Tattarang shares to Mrs Forrest.
Tattarang holds more Fortescue shares than any other Forrest family entity. According to the ownership structure of the Forrest family’s companies, the combined result of the Coaxial and Tattarang transaction gives Mrs Forrest greater control over Fortescue shares than Mr Forrest.
Fortescue is the eighth-largest company on the Australian Securities Exchange by market capitalization. As of May this year, Andrew Forrest ranked second on the Financial Review Rich List, with an estimated net worth of approximately 33.29 billion Australian dollars, just behind his competitor, the iron ore magnate Gina Rinehart. This week, Mr Forrest met with both U.S. President Biden and King Charles in London. Both Andrew Forrest and Mrs Forrest will continue to serve as directors of Tattarang and the Minderoo Foundation. Additionally, Mrs Forrest is actively involved in the operations of Tattarang’s subsidiary companies, including the clothing company RM Williams, Harvest Road agricultural business, and its commercial property portfolio. (Image sourced from the Australian Financial Review)