A majority of Baffinland Iron Mines (BIM.TO) shares have been tendered to a C$590 million ($596 million) takeover bid by ArcelorMittal (ISPA.AS), all but clinching the No. 1 global steelmaker's acquisition of a giant Arctic iron ore deposit. Luxembourg-based Arcelor said on Tuesday shareholders representing 61 percent of Baffinland shares tendered to the bid, and that it had extended the C$1.50-a-share offer until Feb. 4 so shareholders who have not yet tendered can do so. The bid requires two-thirds of Baffinland's shares to be tendered in order to complete the acquisition.
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