Nunavut Iron Ore Ups Bid for Baffinland

Nunavut Iron Ore, which is backed by private equity firm Energy and Minerals Group, sweetened its offer for Baffinland Iron Mines on Wednesday, Reuters reported. Nunavut Iron increased its hostile bid to $1.40 Canadian dollars ($1.40), up from $1.35. The group wants to take a 60% stake in Baffinland. ArcelorMittal, the world's largest steel producer, previously bid C$1.25 a share in a friendly buyout offer, and has no plans to increase the bid, Reuters reported. Baffinland controls a vast iron-ore deposit in the Canadian Arctic.

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