Rinehart lifts Fairfax stake to 18.7% as shares climb on restructuring news

Mon, 18 Jun 2012

By Paul McBeth June 18 (BusinessDesk) - Australian mining magnate Gina Rinehart lifted her stake in Fairfax Media to 18.7 percent, strengthening her case for a board seat as the media company cuts back on printing and puts content behind a digital paywall to counter sliding advertising revenue. Last week, Rinehart's Hancock Prospecting spent A$71.9 million at 60 Australian cents a share building a holding in Fairfax, according to substantial shareholder notice lodged with the ASX. Reinhart, who has been critical of management and board, mi...

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