ArcelorMittal and Nunavut Iron Ore said they have taken up an additional 4.8 million shares of Baffinland Iron Mines, increasing their joint ownership in the iron ore explorer to 62%.

The world’s largest steelmaker and private equity-backed Nunavut, former rivals in a months-long battle to control the company and its Mary River project in the Canadian Arctic, made a joint bid of CAN$1.50 a share for Baffinland last month.

Between them, ArcelorMittal and Nunavut now hold 65% of all outstanding shares and 45% of outstanding 2007 warrants, representing 62% of fully diluted shares.

The joint offer, which values Baffinland at US$590M, is for 100% of the company.

An agreement between ArcelorMittal and Nunavut will see the two parties split their ownership of the company at 70% and 30% respectively.

Baffinland owns the high-grade, Mary River iron ore project in the Canadian territory of Nunavut. The project has nine high-grade deposits and could hold enough iron ore to supply all of Europe for several years.