ArcelorMittal (ISPA.AS) all but clinched a deal to acquire a giant Arctic iron ore deposit after a majority of shares in Canada's Baffinland Iron Mines (BIM.TO) were tendered to its C$590 million ($596 million) takeover bid. Arcelor said on Tuesday it had the support of 61 percent of Baffinland shares, including 51 percent tendered and the 10 percent already owned by its partner Nunavut Iron Ore. The world's largest steelmaker also extended the C$1.50-a-share offer until Feb. 4 to allow the remaining shareholders to accept. Acquiring Baffinland's Mary River deposit will help the ArcelorMittal reach its goal of nearly doubling the amount of iron ore it produces itself and reduce its dependence on top producers like Vale, Rio Tinto (RIO.L) and BHP Billiton (BLT.L).
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