Australia's Arrium up six percent after rejecting new $1.2 billion offer

SYDNEY Tue Oct 30, 2012 10:38pm EDT

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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.

($1 = 0.9644 Australian dollars)

(Reporting by Lincoln Feast; Editing by Ken Wills)

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