Is Gina’s grab for Fairfax back on?
It’s hit the headlines in The Australian today, that Gina Rhinehart is back looking at a Fairfax takeover.
The Australian reports Gina Rhinehart who “is worth $20.01 billion, would be more likely to buy Fairfax if she could find someone who had a strong vision to improve its future earnings”.
Already, one of her companies holds a 14.99 per cent stake in the company and she has also been gunning for a seat of the Fairfax board. Chief Executive Greg Hywood and chairman Roger Corbett eventually put a stop to that.
If Gina makes a move on Fairfax it should ensure a shakeup of the Fairfax board.
Gina’s hunt for potential board candidates 2 years ago included former Victorian premier Jeff Kennett.
Quoted in the Australian yesterday Jeff said: “Two years ago when I was approached to be an alternative director, I politely declined because I didn’t think Fairfax would survive long-term and I would have had to have given up some of my other commitments.”
“Whether it succeeds or not, time will tell.”
Another Fairfax shareholder with a 5.67 per cent stake in the company – Simon Marais also told the Australian last week “The lifetime of a company is like people — they live for a certain time and then they die,’’ he said.
If Gina Rinehart’s stake with her company, Hancock Prospecting rose above 20 per cent she would be required by the Australian Corporations Act to lay her cards on the table and declare her intentions regarding a full takeover of the company.