Nunavut Iron Ore may have to sweeten its bid for Baffinland (BIM.TO) again to persuade shareholders to accept its offer instead of ArcelorMittal's (ISPA.AS), a possibility that Nunavut has not ruled out. The two companies have fought for control of Baffinland since September, trading offers for the Canadian iron ore explorer that had nearly doubled by year's end. Nunavut's current offer values Baffinland at C$570 million ($570 million) - not a large deal by global standards. Even so, the takeover battle illustrates how competition for raw materials has spread to even the most remote corners of the world.
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