Mineral quits Atlas bidding race

SYDNEY: Mining infrastructure provider Mineral Resources said it would not make an offer to counter Hancock Prospecting’s A$390 million (RM1.56 billion) bid for Australia’s Atlas Iron. That will likely cool expectation of a possible bidding war for the iron ore miner, after Atlas on Tuesday gave Mineral Resources three business days to match a A$0.042 per share takeover offer from Australian billionaire Gina Rinehart’s Hancock Prospecting.