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    iron investing

    Prominvest Tops Aditya Bid For Northern Iron

    Investing News Network
    Jul. 30, 2012 03:54PM PST
    Base Metals Investing

    Reuters reported Northern Iron Ltd (ASX:NFE) received a $550 million takeover offer from Prominvest AG, just topping an earlier bid from Aditya Birla Group (BOM:500057).

    Reuters reported Northern Iron Ltd (ASX:NFE) received a $550 million takeover offer from Prominvest AG, just topping an earlier bid from Aditya Birla Group (BOM:500057).

    As quoted in the market news:

    The two bidders are eying Northern Iron’s high quality iron ore mine in Norway, at a time when benchmark iron ore prices are falling, hitting their lowest level in more than two-and-a-half years on Friday.

    Northern Iron said the new offer from Prominvest, pegged at a cash price of A$1.42 a share, was both indicative and highly conditional.

    Click here to read the full Reuters report.

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