A majority of shareholders have tendered to a C$590 million ($596 million) bid by ArcelorMittal, the world's No. 1 steelmarker, to take over Baffinland Iron Mines (BIM.TO) and its massive Canadian Arctic iron ore deposit. ArcelorMittal said shareholders representing 61 percent of Baffinland shares tendered to the bid, made jointly with Nunavut Iron, backed by a U.S. private equity fund. The bid needs two-thirds of Baffinland's shares to be tendered in order to complete the acquisition, ArcelorMittal said in a statement. The two companies ended a bidding war over Baffinland earlier this month and joined forces in a C$1.50/share bid that expired at midnight on Monday.
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