Wednesday, October 31, 2012

Australia's Arrium up 6% after rejecting new $1.5b offer

Shares in Australia’s Arrium rose as much as 6% on Wednesday after the steel and iron ore company rejected a sweetened A$1.2 billion ($1.51 billion) bid from a consortium including South Korea’s POSCO and Singapore’s Noble Group.

Shares in Arrium rose as high as 85 Australian cents and last traded up 4.4% at 83.5 cents compared with the 88 cents per share offer from the Steelmakers Australia consortium.

Arrium had already rejected an offer at 75 cents per share.

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