Reuters reported that Australian iron ore miner Territory Resources recommended AUD 132.6 million takeover offer from Noble Group which trumped an earlier offer from African miner Exxaro.

Territory board said Nobel offer was better than Exxaro because it was 9% higher, unconditional and with faster payment terms while Exxaro had a 60% minimum acceptance condition.

Hong Kong based Noble already owns 30% of Territory.

Territory said it would pay Exxaro break fees of AUD 1.56 million for backing the rival bid.

(Sourced from Reuters)