ArcelorMittal increases offer for Baffinland of Canada

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ArcelorMittal, the world's largest steel producer, said Friday it had increased by 27 percent its offer to buy Canadian mining company Baffinland to match a rival bid by Nunavut Iron Ore.

"The increased all cash offer (of 1.40 Canadian dollars per share) represents a premium of approximately 27 percent to ArcelorMittal's original offer price of 1.10 Canadian dollars per common share," the Luxembourg-based company said in a statement.

© 2010 AFP

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