Steelmaker ArcelorMittal (ISPA.AS) and Nunavut Iron Ore looked set to take over Baffinland Iron Mines (BIM.TO) on Monday after most of the Canadian firm's shareholders accepted the C$590 million (US$596 million) offer. The world's biggest 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 over 90 percent of all outstanding shares and 76 percent of outstanding 2007 warrants, representing 89 percent of the fully diluted share capital, the companies said in a statement on Monday.
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