An investment consortium - Kolsen Pty Ltd - has purchased a significant number of shares in Australia's mineral sands leader Iluka Resources Ltd, sparking rumours of a potential takeover bid. However, both Iluka and Kolsen have responded by issuing statements to quell the speculation. Kolsen announced that "no decision has been made with regard to its investment in Iluka", and that it did not intend to comment further on the matter. Over the past few months, the syndicate's associates have bought a total of 16,885,470 shares amounting to a 7.25% holding in Iluka. However, a flurry of shares purchased in late June has caused something of a stir amongst market watchers. The syndicate comprises several members including high profile Australian media businessman Kerry Packer, as well as Robert Champion de Crespigny, the founder of Normandy Mining Ltd.
