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This is an archive article published on December 31, 2010

ArcelorMittal increases offer for Baffinland of Canada

ArcelorMittal said it had increased by 27 per cent its offer to buy Baffinland.

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ArcelorMittal,the world’s largest steel producer,said today it had increased by 27 per cent its offer to buy Canadian mining company Baffinland to match a rival bid by Nunavut Iron Ore.

“The increased all cash offer (of 1.40 Canadian dollars per share) represents a premium of approximately 27 per cent to ArcelorMittal’s original offer price of 1.10 Canadian dollars per common share,” the Luxembourg-based company said in a statement.

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