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Dec 29, 2010

Nunavut Iron boosts bid in battle for Baffinland

TORONTO, Dec 29 (Reuters) – Nunavut Iron Ore sweetened its
hostile bid for Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) on Wednesday, in
its tug of war with steel giant ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz) for the
junior miner’s vast iron ore deposit in the Canadian Arctic.

Nunavut Iron upped its offer to C$1.40 a share for 60
percent of Baffinland’s shares, challenging ArcelorMittal’s
friendly bid of C$1.25 a share for all of the shares.

Dec 20, 2010

DealTalk: Is Arcelor bid for Baffinland really worth more?

TORONTO (Reuters) – Why would ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz) make a counteroffer for Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) that on face value appears to be worth less than its rival’s bid?

At least two sources close to the proceedings say the world’s largest steelmaker knows exactly what it’s doing. Indeed, Arcelor’s C$1.25-a-share ($1.23) bid, which came in response to a C$1.35-a-share offer from Nunavut Iron Ore, is a lot sweeter on second glance, the sources say.

Dec 20, 2010

Is Arcelor bid for Baffinland really worth more?

TORONTO, Dec 19 (Reuters) – Why would ArcelorMittal
(ISPA.AS: Quote, Profile, Research, Stock Buzz) make a counteroffer for Baffinland Iron Mines <BIM.TO
that on face value appears to be worth less than its rival’s
bid?

At least two sources close to the proceedings say the
world’s largest steelmaker knows exactly what it’s doing.
Indeed, Arcelor’s C$1.25-a-share ($1.23) bid, which came in
response to a C$1.35-a-share offer from Nunavut Iron Ore, is a
lot sweeter on second glance, the sources say.

Dec 16, 2010

Royal Nickel in Toronto IPO, shares retreat

TORONTO, Dec 16 (Reuters) – Royal Nickel Corp (RNX.TO: Quote, Profile, Research, Stock Buzz), an
exploration company headed by executives from former nickel
giant Inco, said on Thursday it raised C$45 million ($44.6
million) in its stock market debut.

The IPO, taken up mostly by institutional investors in
Canada, saw the company’s stock fall 7.5 percent on the day in
Toronto, closing at C$1.85.

Dec 16, 2010

Nunavut trumps Arcelor with new Baffinland bid

TORONTO, Dec 16 (Reuters) – Private equity backed Nunavut
Iron has raised its hostile bid for Baffinland Iron Mines
(BIM.TO: Quote, Profile, Research, Stock Buzz) by 69 percent, topping an offer from the world’s No. 1
steelmaker ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz) as it goes after an iron ore
deposit big enough to supply all of Europe.

Nunavut, a wholly owned subsidiary of Iron Ore Holdings LP
incorporated in Canada in August to bid for Baffinland, raised
its offer to C$1.35 per share, easily topping a friendly,
C$1.10-per-share offer from Arcelor.

Dec 14, 2010

Transforce to buy Dynamex, trumps Greenbriar bid

TORONTO, Dec 14 (Reuters) – Transforce Inc (TFI.TO: Quote, Profile, Research, Stock Buzz), a
mid-tier Canadian trucker seeking to gain traction in niche
services, said on Tuesday it agreed to buy Dynamex Inc (DDMX.O: Quote, Profile, Research, Stock Buzz)
for $248 million, trumping a rival bid from a private equity
group.

Montreal-based Transforce said it offered to pay $25 cash
for each share in Dynamex as it pursues greater access to U.S.
markets and the specialty same-day delivery sector.

Dec 14, 2010

Baffinland fate likely on hold another week

TORONTO, Dec 14 (Reuters) – Investors in Baffinland Iron
Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) likely won’t know for another week whether a
takeover bid from No. 1 steelmaker ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz) is
successful.

That’s when Arcelor’s C$433 million ($433 million) bid for
the owner of the Mary River iron ore project in Canada is set
to expire — Monday, Dec. 20 — and shareholders, including
arbitrageurs holding 13 percent, decide whether to tender to
the offer.

Dec 3, 2010

Walter Energy seals $3.3 billion Western Coal buy

LONDON/TORONTO (Reuters) – U.S.-based Walter Energy Inc (WLT.N: Quote, Profile, Research, Stock Buzz) said on Friday it will buy Canada’s Western Coal (WTN.TO: Quote, Profile, Research, Stock Buzz)(WTN.L: Quote, Profile, Research, Stock Buzz) in a C$3.3 billion ($3.3 billion) deal that will make it the world’s third-largest producer of steel-making metallurgical coal at a time of booming demand.

Walter, looking for ways to boost output since the metallurgical coal market bounced back from the global economic crisis about a year ago, will pay C$11.50 a share for Western Coal, or a 56 percent premium to Western’s share price on November 17, the day before Walter Energy announced its proposal.

Nov 30, 2010

AGF to buy Acuity in latest Canada wealth deal

TORONTO, Nov 30 (Reuters) – AGF Management Ltd (AGFb.TO: Quote, Profile, Research, Stock Buzz)
said on Tuesday that it will buy privately held Acuity Funds
Ltd for C$325 million ($316 million) as consolidation in
Canada’s flourishing wealth management sector gains speed.

AGF, one of Canada’s largest independent investment
management firms, said the deal would add to earnings in 2011,
but did not say by how much.

Nov 24, 2010

Baffinland shares trade above offers but no new bid

TORONTO (Reuters) – Shares in Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) are trading higher than the price of the latest takeover offer for the company even though analysts and industry observers say a higher bid is unlikely.

There are two takeover offers on the table for Baffinland, including one from the world’s largest steel company, ArcelorMittal, and there have been unsubstantiated reports that other players are interested in the company and its mine in the Canadian Arctic.