Gina Rinehart's Hancock Prospecting has conditionally upped its takeover offer for Atlas Iron in a bid to win over Fortescue Metals Group, which holds a blocking stake.
Fortescue Metals Group has reduced its stake in Atlas Iron but crucially still holds more than 10 per cent, meaning Gina Rinehart's Hancock Prospecting will not be able to acquire full ownership of the takeover target.
UPDATED: Gina Rinehart's Hancock Prospecting announced late Friday it has increased its stake in takeover target Atlas Iron to 56 per cent, giving it effective control, and extended its $390 million offer for two weeks.
Demand for office space in West Perth has fluctuated widely with commodity prices and the mining sector's fortunes but the suburb is now attracting interest from diverse industry sectors.
Hancock Prospecting's $390 million takeover bid for struggling iron ore miner Atlas Iron has been endorsed by independent expert BDO, which found the pricing was fair and reasonable.
Roy Hill Holdings has introduced a staff profit scheme after achieving its 55mtpa production target and has confirmed its interest in expanding to 60mtpa.
The Takeovers Panel has dismissed an application from Fortescue Metals Group questioning the veracity of Hancock Prospecting's $390 million bid for Atlas Iron.
The board of Atlas Iron has unanimously recommended a revised bidder's statement from Hancock Prospecting, while also announcing the suspension of production at its Mt Dove iron ore mine due to challenging market conditions.
The future of Atlas Iron has been further muddied today after the takeover target said the state government had indicated to media it could compromise on its policy regarding development rights at Port Hedland if either Fortescue Metals Group or Hancock Prospecting takes control of the junior miner.
The battle for Atlas Iron has taken another twist after Fortescue Metals Group submitted an application to the Takeovers Panel questioning the veracity of the $390 million takeover offer by Gina Rinehart's Hancock Prospecting.
Chris Ellison-led Mineral Resources has decided against making a counter offer to Gina Rinehart's $390 million takeover bid for junior miner Atlas Iron.
Gina Rinehart-led Hancock Prospecting has proposed a $390 million takeover offer for Atlas Iron, less than a week after purchasing a 19.9 per cent stake in the junior miner.
Atlas Iron has disclosed it no longer holds exclusive port development rights at Port Hedland that were central to the takeover battle that has involved three mining heavyweights buying shares in the company.
Gina Rinehart's Hancock Prospecting has acquired a 19.6 per cent shareholding in takeover target Atlas Iron, joining Mineral Resources and Fortescue Metals Group in the battle for control of the mid-cap iron ore miner.
Gina Rinehart's four children have joined their mining mogul mother among the world's richest people, with nine Western Australians included in Forbes' latest world billionaire rankings.
SPECIAL REPORT: Gina Rinehart's Hancock Prospecting and its subsidiary, Roy Hill Holdings, have moved to the top of the Business News annual ranking of private companies in Western Australia, as their surging revenue put them ahead of building company BGC Australia.
Lotterywest has increased funding for Fringe World Festival and Sculpture by the Sea, committing $1.9 million to the month-long arts festival and $77,000 across a three-year partnership with the co
SPECIAL REPORT: The five WA people with the largest holdings in listed companies have earned around $1.5 billion in dividends in the past five years, with Andrew Forrest and Kerry Stokes leading the way. Click through for our list of 50 directors and investors with holdings worth more than $11 billion between them.
Gina Rinehart's Hancock Prospecting Group more than doubled profit to $1.1 billion in the year to June, the highest level since 2011, with the company paying or providing for $767 million in dividends to the family.
SPECIAL REPORT: Mitsui & Company, Shell and Itochu Corporation are among a swag of businesses that have made substantial investments in the state's exporting industries over the decades, showing that foreign investors can contribute without directly operating assets.
SPECIAL REPORT: Roy Hill Holdings and Chevon have joined the likes of Rio Tinto, BHP, Woodside and CBH Group in an updated ranking of WA's largest exporters in the BNiQ Search Engine.
Yindjibarndi Aboriginal Corporation will seek compensation from Fortescue Metals Group after the Federal Court recognised it has exclusive rights over Pilbara land where the company operates the Solomon hub.
An improved iron ore price delivered huge boosts for mining magnates Gina Rinehart and Andrew Forrest, who were two of the three Western Australians to feature in the top 10 on the nation's best known rich list.
The appointment of Sam Walsh as a director of Mitsui & Company this week has brought attention to the usually low-profile Japanese multinational, which according to BNiQ Search Engine data has been a major investor in Western Australia's resources industry and is one of the state's largest exporters.
Hancock Prospecting is poised to become Western Australia's biggest private company after a investment and acquisition spree in iron ore and agribusiness which is expected some time this year to push its revenue past that of the incumbent number one for the past 12 years, home builder BGC. A 2018 reranking appears certain following research for the Business News Private Companies list published today in a special report.
Private Perth company Wright Prospecting has bolstered its already impressive ranks with the recruitment of top lawyer Peter Wiese, who will guide it through continuing legal disputes with fellow Perth company Hancock Prospecting.
After originally blocking the sale of land and cattle empire S Kidman & Co to Chinese buyers, Treasurer Scott Morrison has approved a joint bid with mining magnate Gina Rinehart and her Chinese partners.
The first contribution of the Roy Hill project has failed to balance the impact of falling iron prices on the accounts of Gina Rinehart's Hancock Prospecting which recorded a one third drop in net profit from operations to $443 million.
The all-Australian consortium competing for the Kidman cattle empire has withdrawn its bid, after the target's board unanimously recommended Hancock Group-Shanghai CRED's revised $386.5 million offer yesterday.
Gina Rinehart and Shanghai CRED's joint venture has proposed a counter-bid to that of the all-Australian consortium competing for the Kidman cattle empire, and says Hancock Prospecting would wholly acquire the target if foreign investment approvals aren't awarded.
Gina Rinehart's Hancock Prospecting has announced a $US300 million ($A395 million) investment in a UK-based fertiliser business chaired by former Fortescue Metals Group deputy CEO Russell Scrimshaw.
Australia's richest woman, Gina Rinehart, will attempt to persuade the Kidman cattle empire that her offer is still superior, despite being trumped over the weekend by an all-Australian consortium that made a higher bid.
Iron ore producers have maintained their dominance over the BNiQ Search Engine Biggest Exporters list, as LNG producers are slow to start up. Click through to see the annual list of the state's biggest exporting companies.
