Gina Rinehart's Hancock ups stake in Liontown to 18.4%

The news: Gina Rinehart’s Hancock Prospecting has further increased its stake in lithium explorer Liontown Resources, which is the target of a takeover bid by US battery chemicals giant Albemarle.

The numbers: Liontown confirmed late on Tuesday that Hancock has lifted its stake to 18.4% from 16.7% previously. Liontown shares closed at $3 on Tuesday, in line with Albemarle's offer price to buy the company.

The context: Rinehart is now the largest shareholder in Liontown, and the recent raise puts her within inches of a blocking stake in the potential takeover. While Hancock has not publicly expressed intentions to make a competing offer, it has previously expressed interest in involving itself in the company's future direction, as well as being open to appointing directors to Liontown's board.

The company is not making any further comments at this stage, according to a company spokesperson.