SINGAPORE Oct 1 Singapore-listed commodities
firm Noble Group Ltd said on Monday it is part of a
consortium that has made a formal approach to the board of
Arrium Ltd to potentially acquire the Australian
Separately, Arrium said it had rejected the unsolicited and
conditional acquisition proposal from Noble, Posco Australia Pty
Ltd, National Pension Service of Korea, Korea Investment Corp
and Korea Finance Corp.
The proposal contemplated an acquisition of all the shares
in Arrium for an indicative cash price of A$0.75 per share,
Arrium said, adding its board believes the proposal undervalues
Arrium in the context of the transaction.
Noble said "the expression of interest from the consortium
is non-binding and incomplete, and the transaction may,
depending on how it is finally structured, be subject to
conditions, including but not limited to, satisfactory
arrangements with lenders with respect to the Arrium's debt
profile on a change of control."
(Reporting by Eveline Danubrata; Editing by John O'Callaghan)