Australia news live: BlueScope rejects $13.2bn Stokes bid; police warn of shopping centre carpark scam

Seven tycoon will need to find more cash to buy steel maker. Follow today’s news liveGet our breaking news email, free app or daily news podcastKerry Stokes and his US partners will have to come up with more cash after BlueScope Steel rejected his $13.2bn takeover bid as too low and an attempt to buy the company “on the cheap”, Australian Associated Press reports.US-based industrial metals group Steel Dynamics had teamed with the Stokes-controlled SGH Limited in a bid to acquire the company’s North American operations.Let me be clear – this proposal was an attempt to take BlueScope from its shareholders on the cheap. It drastically undervalued our world-class assets, our growth momentum, and our future – and the board will not let that happen.This is the fourth time we’ve said no, and the answer remained the same – BlueScope is worth considerably more than what was on the table. Continue reading...