Two rival bidders for Baffinland Iron Mines (BIM.TO) have joined forces in a C$590 million ($595 million) joint takeover offer for the company, ending a months-long fight over its huge iron ore deposit in the Canadian Arctic. ArcelorMittal (ISPA.AS), the world's largest steelmaker, and Nunavut Iron, backed by U.S. private equity, on Friday made a joint C$1.50 a share offer for 100 percent of Baffinland, with 393.4 million shares outstanding, fully diluted. Under the agreement, ArcelorMittal and Nunavut Iron will own 70 percent and and 30 percent of Baffinland respectively, ArcelorMittal said in a statement.
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