Nunavut Iron adds to its hostile takeover offer for Baffinland


Reuters

TORONTO — Nunavut Iron Ore sweetened its hostile bid for control of Baffinland Iron Mines on Wednesday, extending a battle with steel giant ArcelorMittal for a vast iron ore deposit in the Canadian Arctic.

Nunavut Iron upped its offer to CA$1.40 a share for 60 percent of Baffinland’s shares, valuing the entire junior miner at about CA$550 million (US$550 million) and challenging ArcelorMittal’s friendly bid of CA$1.25 a share for all of the shares.