Andrew and Nicola Forrest have assured the market that their separation will not have an impact on Fortescue, but it has hurt Twiggy’s personal wealth.
The two announced their separation to the ASX on Thursday but held a united front when specifying what it means for their business interests.
“After 31 years of marriage, we have made the decision to live apart. Our friendship and commitment to our family remains strong,” they said in a statement.
“There is no influence on the operations, control or direction of Fortescue, Minderoo or Tattarang.”
Tattarang is a private investment group with an extensive portfolio across energy, property, health technology, agri-food and resources sectors. This includes ownership of Wyloo Metals, which recently moved to a compulsory acquisition of WA nickel sulphide miner Mincor Resources.
Andrew and Nicola Forrest founded Minderoo Foundation in 2001 as part of their philanthropic efforts to support environmental sustainability, gender and equality, and child and community wellbeing.
While none of Fortescue, Tattarang and Minderoo are seen to be operationally affected, the separation is estimated to have cost Twiggy nearly $20 billion and deposed him from the top of the Australian Financial Review‘s Rich Bosses list.
A stock reshuffle last month seemingly preceded the separation. Fortescue transferred 220 million Fortescue shares to Minderoo Foundation on June 20. This is estimated to be worth more than $4.8 billion.
There was also market evidence of a $1.1 billion transfer of Fortescue shares to Coaxial Ventures, a new company wholly owned by Nicola Forrest.
This follows on from a change in Tattarang’s ownership earlier this year, with the company now split 50:50 between Andrew and Nicola.
Twiggy has been usurped by WiseTech Global co-founder Richard White on the Rich Bosses list. White owns $10.52 billion worth of shares on the ASX, while Twiggy now owns $9.27 billion, all of which are held in Fortescue.
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