Two rival bidders for Baffinland Iron Mines (BIM.TO) have united in a C$590 million ($595 million) joint takeover offer for the iron ore explorer, ending a four-month fight to control its huge 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. Under the agreement, ArcelorMittal and Nunavut Iron will own 70 percent and and 30 percent of Baffinland respectively, Luxembourg-based ArcelorMittal said in a statement.
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