Reuters: Global Markets: Australia's Arrium up six percent after rejecting new $1.2 billion offer

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Australia's Arrium up six percent after rejecting new $1.2 billion offer Oct 31st 2012, 02:38 SYDNEY | Tue Oct 30, 2012 10:38pm EDT SYDNEY (Reuters) - Shares in Australia's Arrium (ARI.AX) rose as much as 6 percent on Wednesday after the steel and iron ore company rejected a sweetened A$1.2 billion ($1.24 billion) bid from a consortium including South Korea's POSCO (005490.KS) and Singapore's Noble Group (NOBG.SI). Shares in Arrium rose as high as 85 Australian cents and last traded up 4.4 percent at 83.5 cents compared with the 88 cents per share offer from the Steelmakers Australia consortium. Arrium had already rejected an offer at 75 cents per share.

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