Arcelor-Nunavut cross lucrative share threshold

It took some time, but the quest for control of Baffinland Iron Mines is almost complete.

The joint offer of ArcelorMittal and Nunavut Iron Ore Acquisition has finally expired, and the two companies can boast ownership of 93 per cent Baffinland's outstanding shares. That puts them over the 90 per cent threshold needed to force the remaining shareholders to tender, giving the two buyers full ownership (which will be split 70-30 in favour of ArcelorMittal).

The joint offer was extended one last time earlier in February because the two bidders were on the verge of crossing the 90 per cent hurdle, having secured 89 per cent of the shares.

The deal now moves to a shareholder vote to approve the forced purchase of the minority shares that weren't tendered. However, Arcelor and Nunavut have already acquired enough shares to make sure the vote gets passed. That means the Ontario court will simply have to stamp its approval and all could be said and done by the end of March.

In other news, Anatolia Minerals and Avoca Resources announced that their merger of equals is complete. The combined gold producer will now be known as Alacer Gold Corp.