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Thursday, February 3, 2011

Arcelor, Nunavut closer to control of Baffinland, (ISPA), (TSE: BIM)

ArcelorMittal (ISPA.AS) and Nunavut Iron Ore inched closer to taking control of Baffinland Iron Mines (BIM.TO) as they took an additional 6.2 million shares in the junior explorer, raising their ownership to 64 percent. The world's No. 1 steelmaker and private equity-backed Nunavut, which were earlier locked in a battle to get Baffinland's Mary River project in the Canadian Arctic, made a joint bid of C$1.50 a share for Baffinland last month. Between them, ArcelorMittal and Nunavut now hold 67 percent of all outstanding shares and 45 percent of outstanding 2007 warrants, representing 64 percent of fully diluted shares.