ArcelorMittal extends deadline for Baffinland deal

11th January 2011, Comments 0 comments

ArcelorMittal, the world's largest steel company, said Tuesday it had extended the deadline of its offer for Canadian mining company Baffinland until January 21.

ArcelorMittal lifted its offer to 1.40 Canadian dollars per share on December 31, valuing the company at 550 million Canadian dollars (553 million dollars/428 million euros).

The offer, which rivals a bid by Nunavut Iron Ore, was due to expire on January 10, and will now expire at 23:59pm Toronto time on January 21 (0359 GMT January 22).

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

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

ArcelorMittal has sought to boost self-sufficiency in iron ore in order to lessen its dependence on the three main producers, BHP Billiton, Vale abd Rio Tinto.

© 2011 AFP

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