ArcelorMittal (ISPA.AS) said on Tuesday it would not raise its C$550 million ($550 million) bid for miner Baffinland (BIM.TO), which owns vast iron ore deposits in the Canadian Arctic. "We don't intend to raise the offer for Baffinland," spokesman Giles Read said. "We are confident we have the superior bid." ArcelorMittal, the world's largest steelmaker, and private-equity backed Nunavut Iron have been battling for control of Canadian-based Baffinland Iron Mines Corp, which has recommended ArcelorMittal's bid, since September.
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