ArcelorMittal won’t raise bid in fight for Baffinland

first_img ArcelorMittal won’t raise bid in fight for Baffinland whatsapp Show Comments ▼ Share ARCELORMITTAL has said it will not raise its C$550m (£352m) bid for miner Baffinland, which owns vast iron ore deposits in the Canada.“We don’t intend to raise the offer for Baffinland,” spokesman Giles Read said. “We are confident we have the superior bid.”ArcelorMittal and private-equity backed Nunavut Iron have been battling for control of Baffinland Iron Mines, which has recommended ArcelorMittal’s bid, since September.Both suitors have upped their bids in recent days, despite an ArcelorMittal source quoted in September as saying it would not go above C$1.25 per share. The steelmaker also said it would not extend its earlier offer past 29 December, but then extended it to 10 January.ArcelorMittal boosted its bid to C$1.40 per share, which was followed by Nunavut offering C$1.45 per share. Nunavut’s bid values Baffinland at C$570m.Nunavut’s bid is for only 60 per cent of Baffinland shares, meaning the other 40 per cent would be priced according to the market. Wednesday 5 January 2011 7:14 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comKansas coach fired for using N-word toward Black playerthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Tags: NULL KCS-content whatsapplast_img