Money Gina Rinehart enters race for Atlas, days after Twiggy Forrest's move

13:07  13 june  2018
13:07  13 june  2018 Source:   watoday.com.au

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Mining magnate Gina Rinehart has reportedly bought a 19.6 per cent stake in Atlas via Hancock Prospecting, just days after Andrew ' Twiggy ' Forrest ' s Fortescue The race for control of junior miner Atlas Iron could be about to ratchet up substantially, with Gina Rinehart reportedly buying a

The race for control of Atlas has ratcheted up substantially with Gina Rinehart reportedly buying a 19.6% stake in Atlas via Hancock Prospecting, days after Twiggy Forrest bought in.The move , reported by media outlets late on Tuesday

Mining magnate and business women Gina Rinehart.© Bradley Kanaris/Getty Images Mining magnate and business women Gina Rinehart. The race for control of junior miner Atlas Iron could be about to ratchet up substantially, with Gina Rinehart reportedly buying a 19.6 per cent stake in the miner via Hancock Prospecting.

The move, reported by media outlets late on Tuesday, would mean that two of Australia's richest and most influential business people, Ms Rinehart and Andrew "Twiggy" Forrest from Fortescue Metals Group, have both taken stakes in the small iron ore miner with operations in the North Pilbara.

News of Ms Rinehart's move emerged late on Tuesday and comes after Fortescue shocked the mining industry last week when it revealed it had acquired a 19.9 per cent stake in Atlas.

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Gina Rinehart enters race for Atlas , days after Twiggy Forrest ' s move . The race for control of Atlas has ratcheted up substantially with Gina Rinehart reportedly buying a 19.6% stake in Atlas via Hancock Prospecting

Racing . Motorsport. Netball. Gina Rinehart has taken control of Atlas Iron, knocking out her rival Andrew Forrest after the two battled to take over the struggling junior miner.

Fortescue did not reveal why it wanted a 19.9 per cent stake in Atlas, a step which effectively blocks a merger between the Western Australia-based Mineral Resources and Atlas Iron that had appeared to be on track.

Fortescue told the market last week that it "does not intend to support the proposed Scheme of Arrangement between Atlas Iron and Mineral Resources on its current terms, but reserves the right to do so".

Gina Rinehart© Supplied Gina Rinehart Fairfax Media has approached Hancock Prospecting for comment. Mineral Resources declined to comment on Tuesday night.

Shares in Atlas Iron enjoyed another healthy rise on Tuesday, by 5 per cent, to 4.2 cents. The ASX was closed on Monday.

The corporate activity surrounding Atlas led to a spike in the company's share price on Friday, before the long weekend, with the company's stock jumping 42.9 per cent (1.2 cents) to 4 cents.

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Gina Rinehart . Paul Kane/Getty Images). Last week Andrew Twiggy Forrest ’ s pure play iron ore miner Fortescue Metals grabbed a 19.9% holding in Atlas . Business Insider Emails & Alerts. Site highlights each day to your inbox.

Gina Rinehart enters race for Atlas , days after Twiggy Forrest ' s move . Canberra Times 12 Jun 2018. Why ' Twiggy ' Forrest wants to stop a corporate marriage. Canberra Times 08 Jun 2018.

Shares in Fortescue eased four cents on Tuesday, to close at $4.64.

The Fortescue move prompted a range of theories on what was behind the major iron ore player's move on Atlas Iron.

One view, espoused in a note from Patersons, was that the assets of Atlas in the Pilbara could "hold strategic value for FMG providing additional iron ore assets, port capacity and the chance to diversify into lithium".

UBS analyst Glyn Lawcock meanwhile, wrote that "FMG wants a say in the development of its own backyard - the Pilbara". Mr Lawcock said FMG's interest could be driven by a joint venture that Atlas is involved in, to develop a new port facility at Port Hedland able to handle 50 million tonnes of exports per year.

Australia's Atlas Iron backs Rinehart's $287 million Hancock bid .
Atlas Iron (AGO.AX) on Thursday recommended a A$390 million ($287 million) bid from Australian billionaire Gina Rinehart's Hancock Prospecting after rival suitor Mineral Resources (MIN.AX) pulled out of the race for the small iron ore miner. A majority of the Atlas Board withdrew support for the Mineral Resources scheme and backed Hancock's offer, in the absence of a superior proposal, Atlas said in a statement. Mining infrastructure provider Mineral Resources on Wednesday said it would not be sweetening its A$280 million offer to match Hancock's bid.Its withdrawal puts the focus on world No. 4 iron ore miner Fortescue (FMG.

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