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

It said “Steelmakers Australia 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.”

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

Source - Reuters

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