The Globe and Mail reports in its Tuesday edition that Champion Iron Ltd., owner of the Bloom Lake mining complex in the Labrador Trough, is making a takeover offer for Norway's Rana Gruber ASA as it stretches across the Atlantic to bolster its iron ore assets. The Globe's Nicolas Van Praet writes that the Australia-based miner, whose entire operating base is in Canada, said late Sunday it struck a deal to buy Rana Gruber, a supplier to European steelmakers, for $289-million or $7.79 a share in cash (all figures U.S.). Champion wants the Norwegian exploration and mining services company in part for its access to renewable power, which Champion says gives Rana Gruber one of the lowest carbon-emissions footprints in the industry. Quebec pension fund manager, the Caisse, is backing the transaction with a $100-million private placement purchase of Champion stock, while Bank of Nova Scotia is providing a $150-million loan. Champion will finance the balance of the purchase with cash on hand. Rana Gruber is "very well run," with a similar culture to Bloom Lake, Champion Iron chief executive officer David Cataford told analysts Monday. The Caisse will hold a stake of about 8.5 per cent when the transaction is finalized.