ArcelorMittal,Nunavut gain control of Baffinland

ArcelorMittal and Nunavut say they have increased their stake in Canada's Baffinland Iron Mines.

Steel producer ArcelorMittal and Nunavut Iron Ore Acquisition say they have increased their stake in Canada’s Baffinland Iron Mines Corp to 93 per cent and will complete their joint USD 594 million takeover of the junior mining company.

The companies have acquired an additional 16.5 million commons shares in Baffinland,which controls a massive iron ore deposit in Canada’s Arctic.

The added shares,together with the stock already held by both buyers,means ArcelorMittal and Nunavut now control a 93 per cent stake.

The deal required approval from at least two-thirds of shareholders. The two companies have agreed to split Baffinland 70-30 with ArcelorMittal holding the largest stake.

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Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

Statehood protest takes violent turn in Ladakh, BJP office set ablaze in Leh

India30 min ago

Protests in Ladakh turned violent as students and youth organisations demanded statehood and Sixth Schedule status. Two elderly protesters fainted, prompting a shutdown call. A BJP office and security vehicle were set on fire. Activist Sonam Wangchuk urged for a peaceful approach. The demand for Sixth Schedule status is due to Ladakh's tribal-majority population and direct central administration.

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