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Journalism of Courage
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.
