Russian steel giant buys up British gold miner

Steel giant Severstal is buying UK gold miner Celtic Resources Holdings. It's reported that 81 per cent of Celtic's stock holders have accepted the offer of £2.90 a share, according to Interfax.

Severstal has extended the offer of £2.90 until December 28.

Severstal, which already owns a stake in Celtic, has made several buyout offers to shareholders in recent months.  The most recent expired on Friday.