Australia’s Arrium rejects US$1b bid from Noble, POSCO group

A consortium including Noble Group and POSCO urged Arrium directors to continue discussions on Monday after the Australian miner and steel maker rejected a A$1.01 billion (US$1.04 billion) takeover offer.

Arrium’s shares jumped as much as 29 percent to a one-month high as investors anticipated the company would remain in play. The bidding consortium, Steelmakers Australia, issued a statement later on Monday, urging Arrium to continue negotiations but gave no indication it might raise the bid.

via Business feed http://www.scmp.com/business/companies/article/1051620/australia%E2%80%99s-arrium-rejects-us1-billion-bid-noble-posco-group