Baffinland bid ‘barely’ adequate

The Financial Post.com reports that the $433 takeover bid from from AcelorMittal SA (NYSE:MT,AMS:MT) for Baffinland Iron Mines (TSX:BIM) is not enough.

The story is quoted as saying:

Mr. Meyer does not expect a Japanese or Korean steelmaker to try and make a rival bid, since European steel companies have already spent a lot of time testing the iron ore from Baffinland’s Mary River project. Likewise, he does not expect one of ArcelorMittal’s domestic rivals in Europe to make a bid, as they could simply let ArcelorMittal develop the project and alleviate some of the industry’s supply constraints.

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