A doubt over rival Aquila aspirations

The market thinks Aquila can do better than the takeover offer on the table, but Baosteel and Aurizon have benefits another bidder is unlikely to bring - if one exists.

One of the oddities of the current market is that even as the iron ore price has been falling and the discount for lower grade ore has been increasing, the share price of takeover target Aquila Resources has remained consistently above the offer price.

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