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Hancock secures over 90% stake in Atlas Iron, will acquire remaining shares

Atlas Iron Ltd. said Oct. 9 that Redstone Corp. Pty. Ltd., a unit of Gina Rinehart's Hancock Prospecting Pty. Ltd., acquired an over 90% interest in Atlas, enabling Redstone to start compulsory acquisition of all remaining Atlas shares once the takeover offer closes.

Redstone in a separate statement said the takeover offer is scheduled to close Oct. 12, and it will not extend the offer period.

"We are delighted to have achieved relevant interests in Atlas shares of more than 90%. We will now be turning our attention to how best integrate the Atlas business into the broader iron ore interests within the Hancock Group," Hancock CEO Garry Korte said.