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The Globe and Mail

ArcelorMittal, Nunavut increase Baffinland stake

Supplies are unloaded at the Baffinland Iron Mines' Mary River Camp on Baffin Island

Equicom Group

ArcelorMittal and Nunavut Iron Ore Acquisition Inc. have increased their stake in Baffinland Iron Mines Corp. to 67 per cent, a boost of two percentage points over Wednesday.

They took up the additional 6.2 million shares at their offer price of $1.50 per share.

The offer by the world's largest steel maker and Nunavut Iron, a private equity fund, expires at midnight on Friday.

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The pair had said they wouldn't extend their offer if they acquired at least 66.7 per cent of Baffinland by the deadline.

ArcelorMittal and Nunavut Iron, had been in a bidding war for Baffinland and its large Mary River iron ore project on Baffin Island, but called a truce to make a joint offer that valued the company about $590 million.

The two companies have agreed to split Baffinland 70-30, with ArcelorMittal holding the largest stake.

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