Australian Mining Co. Threatens To Sell Stake In Fairfax

Law360, New York (June 26, 2012, 2:51 PM EDT) -- Australian mining company Hancock Prospecting Pty. Ltd., owned by billionaire Georgina Rinehart, threatened to sell its nearly 20 percent stake in Fairfax Media Ltd. on Tuesday after Rinehart's attempts to gain a seat on Fairfax's board were rebuffed.

In a letter posted on the website of state-owned Australian Broadcasting Corp., Rinehart said that Fairfax's conditions for granting her a seat on its board — including signing a pledge to maintain editorial independence at the Australian media and publishing company — were unsuitable for her and Hancock....
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