Orica, the world's biggest explosives group, has rebuffed an A$10bn (€6.1bn) offer from a buyout consortium, in another sign that corporates are growing increasingly bullish in their dealings with private equity.

Orica rejected a A$32 per share offer from the consortium, which comprises Bain Capital, Blackstone, Pacific Equity Partners and Morgan Stanley Principal Investments, because it undervalued the company.