ArcelorMittal, Nunavut team up for Baffinland

14th January 2011, Comments 0 comments

ArcelorMittal and Nunavut Iron Ore agreed Friday a joint offer for Canadian mining company Baffinlan, ending a bidding war, ArcelorMittal said in a statement.

The offer by ArcelorMittal, the world's largest steel company, and Nunavut was worth Can$ 1.50 (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 percent.

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

© 2011 AFP

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