Fairfax Media Limited
(ASX:FXJ) shares shot up 15 per cent at market open this morning with large parcels of shares in the media company being traded.
They were up 11 cents to 85 cents in early trade.
Newspaper reports say Australia’s richest woman and mining magnate, Gina Rinehart, is seeking to increase her stake in the company. Fairfax papers report a stockbroker acting for Mrs Rinehart approached fund managers in a $192 million attempt to acquire a 10 per cent stake in the company last night.
The purchase would give her a 14 per cent stake, and possibly a seat on the board.
Fairfax Media reported a net loss of $390 million in the 2011 financial year.
