Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Baffinland CEO says joint bid not fair to all

Published 01/14/2011, 01:39 PM
Updated 01/14/2011, 01:48 PM

* Says offer yet to be discussed by Baffinland board

* Says will vote against board support of proposed bid

TORONTO, Jan 14 (Reuters) - ArcelorMittal and Nunavut Iron's $590 million joint bid for Baffinland Iron Mines is not fair to all shareholders and has yet to be discussed by its board, said the company's chairman on Friday.

ArcelorMittal, the world's largest steelmaker, and Nunavut Iron, backed by U.S. private equity, on Friday made a C$1.50-a-share offer for 100 percent of Baffinland. Their joint bid may have ended a four-month fight to control its huge iron ore deposit in the Canadian Arctic.

Baffinland Chairman Richard McCloskey, who is also acting chief executive, said he planned vote against board support of the proposed bid. (Reporting by Pav Jordan; Writing by Euan Rocha; Editing by Frank McGurty)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.