Mining magnate Gina Rinehart has upped her stake in Fairfax to 18.7%, in the wake of the media company’s announcement yesterday that it will make 1,900 redundancies and close two printing plants.
Rinehart is expected to push for at least two board seats as a result of her share raid, which strengthened her hand as Fairfax’s largest shareholder.
Little Creatures sells up to Lion
Independent brewery Little Creatures, which was started 12 years ago by two entrepreneurs, has been sold to multinational firm Lion.
The $380 million deal will see Japanese-owned Lion retain the ”distinct and individual” brand of Little Creatures alive, according to the Western Australian-based business.
Facebook agrees to ad payout
Facebook has agreed to pay $6 million to a charity to settle a lawsuit over the way it uses “social” ads.
The lawsuit was filed by five members of Facebook who claimed that the ads, generated when their friends “liked” a page, violated their right to opt-out of seeing them.
The Dow Jones Industrial Average fell by 25.28 points, or 0.20%, to 12,741.89. The Australian dollar rose to US101.18 cents.