The Australian reported that iron ore billionaire Ms Gina Rinehart is expected to push for a board seat at Fairfax Media after last night seeking an additional 9.9% stake in the media company through a AUD 192 million share raid.

After the market closed, broker Morgan Stanley was offering to buy 235 million Fairfax shares at 81c, a 10.5% premium to the media group's closing price of 74c. The buy order came through the Smith Barney broker network.

Investors contacted by the broker said they had been told Ms Rinehart wanted to take a stake of about 15%.

She currently has about 4.9% of the media company a stake that was purchased in late 2010 for AUD 100 million through Morgan Stanley.

There was speculation last night that Ms Rinehart had not snared the entire 9.9% she was seeking through the bookbuild.

(Sourced from www.theaustralian.com.au)