Australia's Arrium rejected a sweetened A$1.2 billion ($1.24 billion) takeover offer from a consortium including Noble Group and POSCO, saying the 17 percent increase still undervalued the firm. Shares in Arrium, which mines iron ore and also sells mining consumables, jumped nearly 6 percent after the announcement, before slipping back to up 2 percent at 81.5 cents by 0217 GMT. Arrium's quick rebuff of the 88 cents a share offer, 10 percent above its closing share price on Tuesday, indicates a much higher bid may be necessary. Anything below A$1.10 would be underwhelming, said Credit Suisse analyst Michael Slifirski. "The recent recovery in the iron ore price to $120/tonne has removed debt...
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