Noble, Posco group says dropping $1.51b bid for Australia's Arrium

A consortium including Noble Group and POSCO said it is dropping a takeover bid for Australian steel maker and miner Arrium after a sweetened A$1.2 billion ($1.51 billion) offer was rejected.

“Steelmakers Australia (the consortium) is deeply disappointed with the Arrium Board’s decision not to grant due diligence access based on our comprehensive proposal that offers a full and fair price,” a statement from the group said.

“Steelmakers Australia has determined it will cease seeking engagement with the Arrium Board.”