Aquila rises on higher bid hope

Shares in takeover target hover comfortably above bid price as market bets on a sweetened offer.

Shares in takeover target Aquila Resources continue to hover comfortably above China’s bid price as the market continues to bet on a sweetened offer.

Chinese state-owned entity Baosteel launched a $3.40-a-share bid for Aquila on Monday last week in a $1.4 billion move to secure ownership of significant iron ore and coal assets in Australia.

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