Sinosteel says won’t increase offer for Midwest

May 28, 2008

May 28 (Reuters) – Chinese metals trader Sinosteel said on Wednesday it will not increase its offer for Australian iron ore prospector Midwest Corp (MIS.AX: Quote, Profile, Research) beyond A$6.38 a share.

Midwest has received a competing A$1.65 billion ($1.6 billion) all-share offer from fellow Australian prospector Murchison Metals Ltd (MMX.AX: Quote, Profile, Research), which it has recommended.

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