Arcelor will not raise Baffinland bid – source

TORONTO, Dec 29 (BestGrowthStock) – ArcelorMittal (ISPA.AS: ), the
world’s largest steel producer, has no plans to raise its
C$1.25 a share offer for Baffinland Iron Ore Mines (BIM.TO: ) a
source said on Wednesday, after rival Nunavut Iron Ore, a
private equity-backed group, sweetened its offer.

“The company is sticking to its C$1.25 a share offer,” said
the source, who had direct knowledge of the ArcelorMittal
offer. “The company maintains that its latest offer is its
final offer.”

Nunavut Iron Ore raised its hostile bid for Baffinland on
Wednesday in the latest chapter of a months-long tug of war
with ArcelorMittal to see who would win control of the junior
miner’s vast iron-ore deposit in the Canadian Arctic.

($1=$1.00 Canadian)
(Reporting by Pav Jordan; editing by Rob Wilson)

Arcelor will not raise Baffinland bid – source