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22 July 2014

Rinehart considers takeover

Gina Rinehart is reportedly considering a full takeover of Fairfax Media amid worries about the company’s performance

Australia’s richest woman, Gina Rinehart, is reportedly considering launching a takeover bid for Fairfax Media.
Ms Rinehart owns almost 15 per cent of Fairfax and may launch a full takeover bid, The Australian reported on Monday.
The multi-billionaire is reportedly disappointed with the performance of the company and the decline in value of its radio assets.
The Australian said Ms Rinehart had approached business associates for suggestions on who could better manage or sit on the Fairfax board in the event she launches a takeover bid.
Ms Rinehart bought into Fairfax, whose newspaper stable includes The Age and Sydney Morning Herald, in 2012 and became the company’s largest shareholder.
But she later became embroiled in a high profile fight with the company’s board of directors.
Fairfax chairman Roger Corbett has refused to give Ms Rinehart a seat on the board but has allowed the appointment of her friend, Hungry Jacks founder Jack Cowin, as a director.

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