ArcelorMittal (MT, MT.AE), the world's biggest steel producer, said Monday it wouldn't raise its offer for Canadian junior mining company Baffinland Iron Mines Corp. (BIM.T, BIMGF), even after a rival bidder sweetened its offer.

On Friday, Nunavut Iron Ore Acquisition Inc. raised its offer by five Canadian cents a share to C$1.45 a share for 60% of Baffinland's stock. Nunavut's maneuver followed ArcelorMittal sweetening its own offer for 100% of Baffinland earlier in the day to C$1.40 a share, and was the latest move in a more-than-three-month battle for Baffinland's Mary River iron-ore deposit in Canada's North. Nunavut already owns around 10% of Baffinland's outstanding shares.

A spokesman for Luxembourg-based ArcelorMittal said Monday that the company has no intention to raise its offer again or to extend the Jan. 10 deadline for Baffinland shareholders to accept its offer.

"ArcelorMittal's Cash Offer of C$1.40 per Common Share for 100% of Baffinland's Common Shares remains superior to Nunavut's coercive partial bid," the spokesman said in an emailed statement.

No one from Nunavut could be reached immediately for comment.

In a press release Monday, Baffinland said ArcelorMittal's offer "remains in the best interests" of the comapny and recommended its shareholders not tender their shares to the sweetened Nunavut offer.

Nunavut Iron Ore, owned by Iron Ore Holdings LP, a limited partnership controlled by Bruce Walter, Jowdat Waheed and funds managed by Energy Minerals Group, launched the bidding in September with an 80-Canadian-cent a share hostile bid for all of Baffinland, which the target company rejected. Baffinland instead agreed to a C$1.10-a-share offer from ArcelorMittal, which it later boosted to C$1.25 a share, before raising it again Friday.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924, alex.macdonald@dowjones.com
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