Fortescue (ASX:FMG) acquired a majority stake of 66.23% in Red Hawk Mining (ASX:RHK), according to a Tuesday Australian bourse filing.
Red Hawk's largest shareholder TIO (NZ) accepted an off-market takeover offer at AU$1.05 per share by Fortescue unit FMG Pilbara.
Fortescue said it would waive the only condition to the offer within 14 days of acquiring a stake of at least 50.1% in Red Hawk, after which the offer will be unconditional.
If Fortescue acquires an interest of 75% or more by Tuesday, the offer price will be raised to AU$1.20 per share.
The Red Hawk board continues to recommend that shareholders accept the offer.
Fortescue shares rose almost 2% in early trading on Tuesday.
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