ArcelorMittal SA said on Friday it raised its offer for Canada’s Baffinland Iron Mines Corp to counter an unsolicited bid from Nunavut Iron Ore Acquisition Inc.
Luxembourg-based steel maker ArcelorMittal said it was offering C$1.40 per share, or about US$551 million, for Baffinland.
That would match the per-share price of a revised offer this week from Nunavut.
ArcelorMittal said its bid was a better deal for Baffinland shareholders because it was seeking to buy all of the company’s shares while Nunavut wanted only about 60 percent of the shares.
Nunavut already owns about 10.5 percent of Baffinland stock.
Peter Kukielski, ArcelorMittal’s head of mining, said his company’s offer “provides demonstrably superior value and certainty for Baffinland shareholders.”
He said stockholders would be left with thinly traded minority shares if the Nunavut bid succeeded.
ArcelorMittal said Baffinland’s largest shareholder, Resource Capital Funds, has tendered its 22.5 percent stake to the ArcelorMittal offer.
Nunavut made an unsolicited offer for Baffinland in September. In November, Baffinland and ArcelorMittal agreed on a deal for C$1.10 per share, or C$433 million (US$434.8 million), as ArcelorMittal sought to build up its iron ore reserves. The deal included the right of ArcelorMittal to match any unsolicited offer.
Steel producers are worried about sudden price changes after the world’s three biggest iron ore suppliers decided this year to price contracts on a quarterly basis instead of an annual one.
Baffinland mines iron ore from its Mary River property in Nunavut Territory in northwestern Canada.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS