Rinehart sells Fairfax Media stake

Fairfax Media’s largest shareholder, mining magnate Gina Rinehart, has sold her 14.99 per cent stake in the publisher.

Hancock Prospecting’s shares were sold on Friday night by brokers Morgan Stanley and Bell Potter at 86.75 cents each.

In a statement, the chief development officer of Hancock Prospecting, John Klepec, said the decision to sell was taken because of differences with Fairfax management.

Ms Rinehart, Australia’s richest person, bought into Fairfax Media in 2010 after securing a 1.5 per cent stake for $50 million.

She became the largest shareholder in 2012 with an 18.7 per cent holding, before reducing her stake in July that year.

Ms Rinehart remains a media shareholder, with a stake of 10 per cent in Network Ten.

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