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 that it had the support of 61 percent of Baffinland shares, and that it had 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 world's largest steelmaker 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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