Harbinger Capital Buys 8.1% Stake in Australia’s Midwest Corp.
May 29, 2008
May 29 (Bloomberg) – Harbinger Capital Partners Ltd., a U.S.-based hedge fund run by Philip Falcone, bought an 8.1 percent stake in Australian iron ore producer Midwest Corp., the subject of competing takeover bids.
Harbinger bought 17.25 million shares between May 26 and 28, according to a statement sent today to the Australian stock exchange. Harbinger holds an 18.76 percent stake in Murchison Metals Ltd., which this week made a revised all-share bid for Midwest to trump a rival cash takeover from China’s Sinosteel Corp.