Arrium emerges this morning without a suitor officially at the table, so its share price could easily lose quite a bit of ground. But apparently, Steelmakers Australia is still conducting discussions, just not directly with Arrium. GrainCorp is also fighting for its rightful valuation, as another bidder reportedly runs some numbers. Meanwhile, its fight night (or day rather) at Whitehaven Coal, some of Australia’s largest contractors are standing a little taller and Telstra has picked up a deal with the Department of Defence.
Arrium, Steelmakers Australia
The Asian consortium bidding for Australian steelmaker Arrium fired a few parting shots at the company’s board yesterday as its abandoned its improved $1.2 billion takeover offer.