ArcelorMittal and Nunavut Iron Ore have acquired another 4.8 million shares of Baffinland Iron Mines, Reuters reports. The joint ownership has now been increased to 65% of all outstanding shares and 45% of outstanding 2007 warrants, representing 62% of fully diluted shares. A joint offer for 100% of Baffinland has been made by ArcelorMittal and Nunavut, which will expire on Feb. 4, 2011. As per an agreement between ArcelorMittal and Nunavut, the ownership of Baffinland will be divided between 70% and 30%, respectively.
Click here for the story from Reuters.
Click here for the additional coverage from Canada Newswire.