ArcelorMittal ups bid for Baffinland

Dec 20, 2010 | 01:03 PM |

ArcelorMittal SA has upped a previous offer to take control of Baffinland Iron Mines Corp. after a bidding war erupted with another suitor who plans to appeal to Canadian regulators.

The Luxembourg-based steelmaker originally offered Canadian $1.10 ($1.09) per share, a 15.8-percent premium from the Nov. 5 closing price of C$0.95 per share, valuing the property at C$433 million ($432 million) (AMM, Nov. 9).

However, Nunavut Iron Ore Acquisition Inc. has jumped into the game, prompting ArcelorMittal to increase its offer to C$1.35 per common share—a 14-percent jump from ArcelorMittal's original offer.....

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