ArcelorMittal makes rich bid for Baffinland Iron Mines

The Montreal Gazette.com reports that ArcelorMittal (AMS:MT) is seeking to acquire Baffinland Iron Mines Corp (TSX:BIM).

The story is quoted as saying:

The European-based global steelmaker, which seeks to own 70 per cent of its own iron ore sources, said it has offered $1.10 per Baffinland share in cash plus 10 cents for each Baffinland warrant, up from 80 cents a share offered last September by a private group led by two former senior Sherritt International executives, backed by Toronto private equity firm Energy & Minerals Group.

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