ArcelorMittal, Nunavut deal ends Baffinland war

ArcelorMittal and Nunavut Iron Ore have agreed a joint offer for Canadian mining company Baffinland, ending a two-month bidding war, ArcelorMittal said in a statement on Friday. The offer by ArcelorMittal, the world's largest steel company, and private equity-backed Nunavut was worth Canadian $1.50 (1.10 euros/$1.50) per share.
ArcelorMittal had an offer of Candian $1.40 per share on the table for the entire company, while Nunavut had offered Can$1.45 per share for 60 percent of the capital. ArcelorMittal had originally offered Can$1.10 per share. Under the deal, ArcelorMittal would hold 70 percent of Baffinland, while Nunavut would hold 30 percent. 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.