Kenmare says no to Iluka

SHARES in Kenmare Resources soared 25 per cent yesterday after it revealed that it had rejected a merger offer from Australian rival Iluka Resources.

Titanium producer Kenmare said the offer did not recognise the value of its Moma mine as “a long-life, low-cost asset”.

Iluka’s offer was based on a share-for-share exchange, with no cash element, with Kenmare shareholders receiving 0.036 new Iluka shares for each Kenmare share they own.

Its shares closed at 15p.