Luxembourg-based steel company, ArcelorMittal, has partnered with Nunavut Iron Ore Acquisition to bid for Canada’s Baffinland Iron Mines, Bloomberg reports. The consortium has offered $596 million for the Toronto-based miner. Nunavut and ArcelorMittal had previously made competing bids of $1.46 and $1.41 per share respectively for Baffinland. The companies have agreed that ArcelorMittal will own 70% of Baffinland, while Nunavut, backed by U.S. private equity firm Energy & Minerals Group, will own the remaining 30%, adds Reuters.
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