Posco, Noble drop bid for Australia's Arrium

Nov 01, 2012 | 10:05 AM |

Tags  Posco, Noble, iron ore, Arrium, steel

SINGAPORE — A consortium led by Hong Kong’s Noble Group Ltd. and Pohang, South Korea-based steelmaker Posco Ltd. has decided to walk away from Arrium Ltd. after the Australian iron ore and steel producer rejected its improved takeover bid.

The consortium, called Steelmakers Australia, had increased its cash proposal to A$0.88 ($0.91) per Arrium share from the original A$0.75 per share bid. But the Arrium board declined to give the consortium access to conduct due diligence, Steelmakers Australia said.....

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