ARCELORMITTAL has said it will not raise its C$550m (£352m) bid for miner Baffinland, which owns vast iron ore deposits in the Canada.
“We don’t intend to raise the offer for Baffinland,” spokesman Giles Read said. “We are confident we have the superior bid.”
ArcelorMittal and private-equity backed Nunavut Iron have been battling for control of Baffinland Iron Mines, which has recommended ArcelorMittal’s bid, since September.
Both suitors have upped their bids in recent days, despite an ArcelorMittal source quoted in September as saying it would not go above C$1.25 per share. The steelmaker also said it would not extend its earlier offer past 29 December, but then extended it to 10 January.
ArcelorMittal boosted its bid to C$1.40 per share, which was followed by Nunavut offering C$1.45 per share. Nunavut’s bid values Baffinland at C$570m.
Nunavut’s bid is for only 60 per cent of Baffinland shares, meaning the other 40 per cent would be priced according to the market.