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Monday, January 10, 2011

ArcelorMittal extends Baffinland bid deadline, (ISPA), (TSE: BIM)

ArcelorMittal (ISPA.AS) said late Monday it extended its C$550 million offer to buy all of Baffinland Iron Mines (BIM.TO) to give shareholders more time to tender to the bid. The Luxembourg-based steelmaker, which wants to ease its dependence on outside sources of raw material, said it extended its C$1.40-a-share offer to Jan. 21. Nunavut Iron Ore, a rival bidder backed by private equity, is offering C$1.45 a share plus one exchange right per common share for 60 percent of the company. That offer expires on Jan. 25 after Nunavut revised and extended its offer on Monday. (Reporting by Pav Jordan)