ArcelorMittal, Nunavut Team up for Baffinland

ArcelorMittal has already locked up a quarter of Baffinland's shares while Nunavut has 10.5%.

ArcelorMittal and Nunavut Iron Ore made a joint offer for Canadian mining company Baffinlan, ending a bidding war, ArcelorMittal said on Jan. 14.

The offer by ArcelorMittal, the world's largest steel company, and Nunavut was worth Can$1.50 (US$1.10 euros/$1.50) per share.

This was higher than rival bids of Can$1.40 per share that had been on the table.

ArcelorMittal has already locked up a quarter of Baffinland's shares while Nunavut has 10.5%.

Baffinland specializes in the development of iron ore sites along the Mary River in northern Canada.

Copyright Agence France-Presse, 2011

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