Baffinland bidding war continues
Ownership status of Nunavut iron trove still up in the air
The battle for control over the Mary River iron ore deposit continued over the holidays as ArcelorMittal and Nunavut Iron Ore tried to outbid one another to buy Baffinland Iron Mines.
The two suitors traded competing bids, with ArcelorMittal offering $1.40 a share Dec. 31.
The same day, Nunavut Iron Ore responded with a new offer of $1.45 a share. Both offers are to expire Jan. 10.
Luxembourg-based ArcelorMittal, the world’s biggest steelmaker, is seeking 100 per cent of Baffinland shares, while Nunavut Iron Ore is seeking 60 per cent control of Baffinland. Nunavut Iron Ore already controls more than 10 per cent of Baffinland stock.
Baffinland’s board continues to prefer the ArcelorMittal bid. In a news release Jan. 3, the junior mining firm said AcelorMittal’s bid “remains in the best interest of Baffinland.”
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