ArcelorMittal Ups Bid for Baffinland Mines

ArcelorMittal, the world’s largest steelmaker, has upped its bid for Canadian miner Baffinland Iron Ore Mines, Reuters reported. The company raised its bid to 1.25 Canadian dollars ($1.23) per share, from 1.10 Canadian dollars ($1.08). ArcelorMittal increased its offer after Nunavut Iron Ore Acquisition, which is backed by private equity firm the Energy and Minerals Group, acquired more than 15 million shares in a rival, hostile takeover bid, Reuters said.

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