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Irish miner Kenmare rebuffs approach from Australia's Iluka

Reuters - UK Focus

DUBLIN, June 26 (Reuters) - Irish titanium miner Kenmare Resources on Thursday rejected a takeover bid from Australian rival Iluka Resources Ltd (Other OTC: ILKAF - news) , saying the bid did not place sufficient value on its largest mine.

Iluka made the offer of a share-for-share exchange following a sharp downturn in the two companies' core markets which has pushed Kenmare shares down by over 40 percent this year.

"The board of Kenmare has rejected Iluka's proposal, which it believes does not recognise the value inherent in Moma as a long-life, low-cost asset," Kenmare said in a statement.

Kenmare shares were up 20 percent at 1456 pence at 0947 GMT.

(Reporting by Conor Humphries; editing by Jason Neely)